topic schedule k-1 in Deductions & credits

schedule k-1

Hartsell69 — Wed, 10 Jul 2019 02:14:22 GMT

where do I enter schedule k 1 to receive the most from the estate credit to me?

Re: schedule k-1

Critter — Wed, 10 Jul 2019 02:16:38 GMT

To enter a K-1 go to
Federal Taxes Tab ( Personal in the H&B versions )
Wages and Income
Choose Explore on my own or I'll choose what to work on (if it comes up)
Then scroll way down to Business Items
Schedules K-1, Q - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Re: schedule k-1

Anonymous — Wed, 10 Jul 2019 08:53:58 GMT

for an estate use the 1041 K-1

Re: schedule k-1

Hartsell69 — Sat, 17 Aug 2019 20:15:34 GMT

Thank you, although when entered into Turbo Tax Premier it only gives me half the credit due, and for 2019!

When I called the IRS the person told me I can recapture all of it, she was legally not able to tell me where to put the allowances.

Re: schedule k-1

Critter — Sun, 18 Aug 2019 11:27:55 GMT

Ok ... a couple of things to look at ... first make sure if this is the final K-1 that is indicated as such in the program .... and then depending on the credits/deductions that are passed thru you may not be able to use them all due to income or deduction limitations ... review the entire return to see what is and is not allowed.

If you still don't see how the situation is calculated then post back with more details ... what boxes & codes are on the K-1 and where you think things are missing on the tax return.

Re: schedule k-1

Hartsell69 — Mon, 19 Aug 2019 14:28:47 GMT

Thank you I did that and I am only able to recapture half of the amount? The IRS said I was able to recapture all although they legally were not able to tell me where to input?! Where the heck do I input so I can receive all Estate Credits?

Re: schedule k-1

Hartsell69 — Mon, 19 Aug 2019 14:32:56 GMT

thank you, I am supposed to recapture all Estate Credits says the IRS although they are unable to tell me?! When I enter it I am only receiving half the credits, very frustrating!!! I just don't know the way around it, says the IRS although they cant tell me where!

Re: schedule k-1

Hartsell69 — Mon, 19 Aug 2019 14:40:48 GMT

Boxes 11 A and B that's it!

Re: schedule k-1

Critter — Mon, 19 Aug 2019 18:30:31 GMT

To get either deduction you must indicate it is the final K1 AND for code A you must be able to itemize deductions ...

A Excess deductions See the beneficiary's instructions : If this is the final return of the estate or
trust, and there are excess deductions on termination, you may deduct the beneficiary’s share of the excess
deductions on line 16 of Schedule A (Form1040).

B Short-term capital loss carryover Schedule D, line 5 ... look on the Sch D for this amount