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- CA 541 K-1 excess deductions upon termination adjustment issue
CA 541 K-1 excess deductions upon termination adjustment issue
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Drphibes
Level 7
Sunday
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Final Trust return with excess deductions upon termination from Fiduciary fees, legal fees, and tax prep fee deductions.
The CA K-1 is adjusting out the excess deduction on termination (Line 11a) and adding the same amount to NOL carryover (line 11c and 11d).
I think this is a mistake in the program as there is no adjustment of the Federal excess deductions upon termination in the 2024 541 booklet.
Anybody else see this? Thanks in advance.
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