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cmull20
New Member

K-1 (1041) Can I apply a 1099 capital gains loss to offset tax on K-1

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

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