Schedule K-1 (1041)

Forum|Forum|3 years ago
April 1, 2023
4 replies
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I have entered the data in Turbo Tax and I have net Long term capital gains yet when I see the summary the amount reportable appears to be zero. I have $ amounts in 4a and 12. I don't want to not pay the taxes I owe. The instructions are vague. How do I know if reporting correctly? This is from the sale of my parent's house. Thank you for any guidance/clarification you can provide.

PatriciaV

Level 15

Please clarify:

1) Does the 1041 have amounts on any other lines besides 4a and 12? Are those amounts both positive?

2) Where do you see net Long-term Capital Gains?

3) What "summary" appears to be zero?

4) Did TurboTax ask any additional questions about the amounts you entered from the 1041?

5) To confirm: Form 1041 reports the sale of your parents' home as part of their estate. Correct?

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march4666Author

Level 2

Thank you for helping. Only figures on Line 4a and 12- all positive. Net LTCG on Line 4a and on Sch K-1 Worksheet- line 4a. I was looking at Form 1040 for summary and then on the K-1 worksheet. But as I continued to look for answers, I realized I had a capital loss from sales of funds. TT only asked about passive loss/gains which is N/A. 5. Correct, the CG on Sch K is a result of the sale of my parent's home.

My capital losses should offset my federal taxes, I think you made me see the error of my approach. Good thing. Thank you for trying to help! DENNISE

Anonymous_

Level 15

The K-1 summary screen in TurboTax quite often shows $0 since the figures you enter into the program are distributed, by the program itself, throughout your return (in the proper places on the proper forms).