K1 Excess Deductions on Termination
On Box 11 of the K1 we have Code A which is excess deductions on termination. Since this closes the estate can the beneficiary's share be deducted and if so where on the return?
On Box 11 of the K1 we have Code A which is excess deductions on termination. Since this closes the estate can the beneficiary's share be deducted and if so where on the return?
@tas wrote:
......can the beneficiary's share be deducted......?
Probably not because the deductions are typically those that were formerly miscellaneous itemized deductions subject to the 2% AGI floor and which have now been eliminated by tax reform (the TCJA).
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