Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
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.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Trust as sole beneficiary of estate in final year
Trust as sole beneficiary of estate in final year
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
rootesrooter
Level 3
06-29-2020
03:31 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
sjrcpa
Level 15
06-29-2020
04:47 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
