I received a K-1 1041 from a trust which my wife was a part of an inheritance. It's showing in Box 11 D: $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
@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 D: $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?
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?
@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.