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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Re: Trust as sole beneficiary of estate in final year
Trust as sole beneficiary of estate in final year
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rootesrooter
Level 3
06-29-2020
03:31 PM
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Do an estate's final year NOL carryovers and (non-deductible) excess deductions flow out to trust beneficiaries? I see no rules excluding trusts, but Lacerte's fiduciary program has no 1041 K-1 input fields to support it. The input skips right to line 11C and then 11F.
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sjrcpa
Level 15
06-29-2020
04:47 PM
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Yes they flow out to a trust beneficiary. Lacerte is lacking in the pass through income and deductions to pass through entities. Enter the NOL in Screen 33.
If yo think the excess deductions are deductible, find a place to enter them in Screen 32.
The more I know, the more I don't know.
