I received a K-1 1041 from a trust which my wife was a part of an inheritance. It's showing the following:
2a - $114
5 - $73,378
14-E $73,492
14-H -$73,378
We have a Capital Gains Loss (1099) from a previous year that exceeds this amount, however TurboTax is showing that we owe money.
Am I not able to apply the capital gains loss carry over, from the 1099, to this amount on the K-1 to reduce the tax?
I went from a $2,000 refund to owing ~$14,000