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Level 2

Question

Schedule K-1 1041

3 replies
35 views

I received a K-1 1041 from a trust which my wife was a part of an inheritance. It's showing in Box 11 😧 $73,300. (Long-Term Capital Gains Gain) . We have a Capital Gains Loss from 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 to this amount on the K-1?

I went from a $2,000 refund to owing ~$14,000

Not A Product Question

Level 15

@cmull20 wrote:
I received a K-1 1041 from a trust which my wife was a part of an inheritance. It's showing in Box 11 😧 $73,300. (Long-Term Capital Gains Gain) .

Box 11 (D) is a Long-Term capital loss carryover, not a long-term capital gain.

Are you sure you entered this correctly?

Level 2

I appreciate the response and apologize that I made a mistake

K-1 1041

5 - $73378

14-E $73,492

14-H $-73,378

Can I apply previous capital gains loss carry-over (1099) to this amount to reduce the tax?

Level 15

@cmull20 wrote:
Can I apply previous capital gains loss carry-over (1099) to this amount to reduce the tax?

No. Line 5 is "other portfolio and nonbusiness income", not capital gain.