1291691
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

theshark32
Returning Member

Estate form 1041: Do I enter the cash distributed to beneficiaries on the 1041 even if the estate has a net operating loss carryover?

My brother passed away and was renting his home.  After the tenant's lease expired, we sold the home.  The estate final tax return (1041) has a net operating loss carryover that is passed to the beneficiaries on line 11D of the k-1.   

The house sale obviously generated cash.  Therefore, I distributed the cash to the beneficiaries.  Where should the cash distribution go on the estate's tax return? Or does it, as there is a net operating loss carryover?  

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Estate form 1041: Do I enter the cash distributed to beneficiaries on the 1041 even if the estate has a net operating loss carryover?

3 Replies

Estate form 1041: Do I enter the cash distributed to beneficiaries on the 1041 even if the estate has a net operating loss carryover?

It appears as if you actually distributed corpus (trust principal) and that does not need to be entered on K-1s, but the total amount can be entered as a tier 2 distribution.

theshark32
Returning Member

Estate form 1041: Do I enter the cash distributed to beneficiaries on the 1041 even if the estate has a net operating loss carryover?

You said that the distribution "can" be entered as a tier 2 distribution.  Does that mean I don't have to enter it on the 1041 tax return?  If I "have" to enter it, where does it go?

Estate form 1041: Do I enter the cash distributed to beneficiaries on the 1041 even if the estate has a net operating loss carryover?

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question