Estates and Trusts

Forum|Forum|5 years ago
December 27, 2020
2 replies
13 views

I have a final K-1 from an estate with some capital gains and a final year deduction. When I enter these in Turbo tax, my taxes do not increase when I enter the capital gains, and the taxes did not decrease when I entered the final year deductions. Where should these show up? Should I override, or have I entered these incorrectly in my K-1?

Critter-3

Level 15

That is not unusual and do NOT make any changes or overrides. If you have not entered in all your information yet then that may be part of the reason you didn't see a change. AND the cap gains could be taxed at zero % if you have not entered any other income yet ( see the cap gain worksheet) AND the deductions go on a Sch A but only if you have enough to itemize deductions (review that section when you get to it).

tdubsoundAuthor

Level 2

Upon further review, I found that there was a sizable carry forward of a capital gains loss. So the small perturbations I made, weren't enough. But I did find the taxes did increase if I changed the long term capital gains values enough.

I'm going to experiment with the losses from the 1041 line 11(A) to see if changing those also changes the tax quantities.

tdubsoundAuthor

Level 2

Also, this is to file an amended return for 2019

NCperson

Level 15

if you look closely at the K-1, it should tell you which lines they trace to on the Form 1040, but as stated by @Critter-3 , I wouldn't be concerned until you have added all your other income when Jan/ Feb rolls around.