topic Schedule K-1 (1041) in Get your taxes done using TurboTax

Schedule K-1 (1041)

march4666 — Tue, 24 Feb 2026 06:20:49 GMT

I have entered the data in Turbo Tax and I have net Long term capital gains yet when I see the summary the amount reportable appears to be zero. I have $ amounts in 4a and 12. I don't want to not pay the taxes I owe. The instructions are vague. How do I know if reporting correctly? This is from the sale of my parent's house. Thank you for any guidance/clarification you can provide.

Re: Schedule K-1 (1041)

PatriciaV — Sun, 02 Apr 2023 17:53:06 GMT

Please clarify:

1) Does the 1041 have amounts on any other lines besides 4a and 12? Are those amounts both positive?

2) Where do you see net Long-term Capital Gains?

3) What "summary" appears to be zero?

4) Did TurboTax ask any additional questions about the amounts you entered from the 1041?

5) To confirm: Form 1041 reports the sale of your parents' home as part of their estate. Correct?

Re: Schedule K-1 (1041)

Anonymous_ — Sun, 02 Apr 2023 22:19:43 GMT

The K-1 summary screen in TurboTax quite often shows $0 since the figures you enter into the program are distributed, by the program itself, throughout your return (in the proper places on the proper forms).

Re: Schedule K-1 (1041)

march4666 — Mon, 03 Apr 2023 03:18:59 GMT

Thank you for helping. Only figures on Line 4a and 12- all positive. Net LTCG on Line 4a and on Sch K-1 Worksheet- line 4a. I was looking at Form 1040 for summary and then on the K-1 worksheet. But as I continued to look for answers, I realized I had a capital loss from sales of funds. TT only asked about passive loss/gains which is N/A. 5. Correct, the CG on Sch K is a result of the sale of my parent's home.

My capital losses should offset my federal taxes, I think you made me see the error of my approach. Good thing. Thank you for trying to help! DENNISE

Re: Schedule K-1 (1041)

march4666 — Mon, 03 Apr 2023 03:21:52 GMT

Thank you. I didn't see an answer when working on my laptop. I do have capital losses and so it all appears fine Thank you. Dennise