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.
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?
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).
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