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Level 2
posted Mar 26, 2023 3:18:07 PM

Schedule K-1 (Form 1041) Part III, Box 11B

I don't see where I'm to enter the below info.

The Final K-1 I received has 115 in box 11B.   The Excess Deduction Detail sheet I received with form has:

Non-Miscellaneous Itemized Deductions

     State and Local Income Tax Subject to $10,000 Limitation ... 115

Excess Deductions Allocable to Net Investment Income ... 115

    (See Form 8960 Instructions)

TurboTax Form 1041, Part III, Line 11B has a sub line * but field is not editable.

Also TurboTax dialog box says to search for topic mentioned in details.  No Joy there.  It says to go to form and enter data.

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1 Best answer
Level 15
Mar 26, 2023 3:53:46 PM

Your K-1 should have a figure on Line 14 (with an H code) for any amount that would be entered on Form 8960.

 

For Line 11B, you would enter that as state and local income taxes paid (which would wind up on Schedule A, but only if you itemize deductions).

4 Replies
Level 15
Mar 26, 2023 3:53:46 PM

Your K-1 should have a figure on Line 14 (with an H code) for any amount that would be entered on Form 8960.

 

For Line 11B, you would enter that as state and local income taxes paid (which would wind up on Schedule A, but only if you itemize deductions).

Level 2
Mar 26, 2023 5:37:32 PM

Thanks for the quick reply.

Unfortunately there is no data on Line 14.

I had thought about entering the state and local data but TurboTax asked for specific state and locality info.  The Form 1041 does not specify.  It looks like I will need to contact the sender for some more info.

Level 15
Mar 26, 2023 5:40:55 PM

@kjteitge wrote:

It looks like I will need to contact the sender for some more info.

That is a good idea, but if you do not itemize deductions (Schedule A) or are subject to the SALT limitations, the 11B figure will have no impact on your income tax liability.

Level 2
Mar 27, 2023 6:10:23 AM

Oh yes that is a good point, I'm not itemizing so I don't need to spend anymore messing with these numbers.  They have no impact on whether I use Schedule A or use Standard Deduction.

Thank you.