Recent IRS Regulation concerning Excess Deductions on Termination of Estates

[chl11942]

A follow up to my April 18, 2021 message.

I opened a copy of my 2019 return and made certain that the most recent TurboTax updates were installed.

Next I indicated I needed to amend the 2019 return.

As a test I entered $111 for Box 11A of Schedule K-1 in Interview Mode.

Then, in Forms Mode I entered “ED 67(e)” and $555 in Line H in the Other Adjustments to Income Smart Worksheet as described in my April 18, 2021 message.  

I did not remove the $111 Schedule K-1 value I had entered for Box 11A via interview mode. 

When I opened Schedule 1, “ED 67(e)” and $555 appeared on Line 22.

When I opened the “corrected” Form 1040, $555 appeared on Line 8a.

When I opened Form 1040-X, -$555 appeared on Line 1, Column B, and the value for Line 1 Column C was $555 less than the value for Line 1 Column A.

The $111 I had entered for Box 11A of Schedule K-1 did not appear to make it through to the final forms.

So it appears the procedure I described in my April 18 message does work for amended returns.

[StarGirl18]

Thank you.  Where to file my Federal Return for a refund has changed in 2020.  Turbo told me to send the amended return to the 2019 place in CA, but 2020 tax form says MO, anyone know where I should send it now; does it matter?  State of Wisconsin.

[wmbaker3]

MO appears right for your regular 2020. Zip code last four  -0002

MO okay for amended 1040-X for 2019, Zip code last four  -0052

I just edited this.

[StarGirl18]

Thanks for helping me do my first amended return!

[wmbaker3]

You're welcome. My sister passed away in 2016 and we closed her estate in 2018. This caused me to dive into this whole ED67(e) business, otherwise, I never would have known of it.  Regards