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
