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Level 3

# I received a K-1 from my mother's Trust - What do I enter on my return

First - I'm not even sure what is the correct question to ask here.

I may need to change the Subject so that the right experts can answer.  Please suggest a better Subject is necessary.

I am one of 4 beneficiaries of my mother's Trust. After 4 years we finally received the distribution and then, after the taxes were paid, we received the final distribution of what was left. I received a K-1 as well as other forms.  What do I enter on my taxes and, since there was negative Taxable Income (see below) can I take any deductions on my personal return?

The K1 is labeled “2023 Schedule OR-K-1”. In Part 1 the PTE Name is my mother's trust. In Part II - Owner Information is me. The only amounts listed are on lines 16 U.S. Government Interest \$479 and line 18 Other Subtractions \$-3638. Can I take this as a deduction on my taxes?  If so where. The 1041 for my mother's trust has line 23 Taxable income -\$12.485 (loss). If the loss is distributed among the 4 beneficiaries should I see \$3121.25 (\$12,485/4) someplace?? I can’t find that.

There are many other forms: Capital Gains Losses, Schedule K-1 Part I is my mother, Part II is me Part III box 11D Final Year Deductions = \$5973, E= \$2371, F= \$3468. The Capitol Loss Carryover Worksheet line 14 Long Term Capital Loss carryover to 2024 = \$23,891 I do see this amount divided by the 4 beneficiaries and the amount, \$5973 entered on  K-1 Part III line 11D as shown above.  Question: Will I be able to carry over any of this capital loss to 2024?  And what do I enter on my 2023 return?  Thank you this is Very complex!!

Again, should I change the Subject to get the correct experts to see this?

Thank you

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Accepted Solutions
Level 15

## I received a K-1 from my mother's Trust - What do I enter on my return

what version are you using? all dektop versions can handle a trust k-1 in the busins section. for onlinre you start with bsic and once you get to the business section to enter k-1 you are upgraded to prmeier which is no longer free.

Level 3

## I received a K-1 from my mother's Trust - What do I enter on my return

I do have Premier. I entered the values per TurboTax and reduced my taxes by \$1325!!! Thanks

2 Replies
Level 15

## I received a K-1 from my mother's Trust - What do I enter on my return

what version are you using? all dektop versions can handle a trust k-1 in the busins section. for onlinre you start with bsic and once you get to the business section to enter k-1 you are upgraded to prmeier which is no longer free.

Level 3

## I received a K-1 from my mother's Trust - What do I enter on my return

I do have Premier. I entered the values per TurboTax and reduced my taxes by \$1325!!! Thanks