form K-1, line 11, code D

Forum|Forum|4 years ago
March 10, 2022
1 reply
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received a K-1 form (from a 1041 return) with an loss entry in line 11, code D. Turbo tax transferred this form K-1 entry onto schedule D, long term capital loss in line 12 AND again the same number in line 14. Is this correct?

AmyC

Level 15

No. Lines 12 and 15 would make sense. Could line 14 be from something else? Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 states:

Box 11, Codes C and D—Unused Capital Loss Carryover

Upon termination of the trust or decedent’s estate, the beneficiary succeeding to the property is allowed to deduct any unused capital loss carryover under section 1212.

A short-term capital loss carryover, reported as code C, is reported on Schedule D (Form 1040), line 5.

A long-term capital loss carryover, reported as code D, is reported, as appropriate, on Schedule D (Form 1040), line 12; line 5 of the 28% Rate Gain Worksheet for Schedule D, line 18; and line 16 of the Unrecaptured Section 1250 Gain Worksheet for Schedule D, line 19.

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