Solved
K-1 statement showing No Gain
Good morning, Community,
Clients came by last night to sign their completed returns with paperwork they had received just that morning about an inheritance disbursement. Two separate Beneficiary 7 K-1 Forms showing income in Line 5 and the same amount as a loss in Section 14. It seemed easy enough but on their Schedule 1, I now only see the income, not the loss. That new income, of course, changed the amount of the return. What am I missing with this form to get the corresponding loss to show?
Also, interestingly, the firm handling the disbursement only provided the last 4 of their EIN number. Is that common?
Thank you! Dawn.
