Schedule K-1 (1041)

[march4666]

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]

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?

[tagteam]

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).

[march4666]

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

[march4666]

Thank you. I didn't see an answer when working on my laptop.  I do have capital losses and so it all appears fine  Thank you. Dennise