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TomK
Level 2
March 26, 2020
Question

Where can I enter Legal & Accounting fees from Schedule K-1 Form 1041 on Client Form 1040 individual tax return?

  • March 26, 2020
  • 5 replies
  • 69 views
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5 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 26, 2020

The legal and accounting fees for the 1041 should already be incorporated into the figures on the K-1, you wouldn't enter them on the 1040 separately.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    TomKAuthor
    Level 2
    March 26, 2020

    Thanks Lisa:

    I have entered amounts for Interest income, dividends, other income and the only expense category is "Estate Taxes". I don't see any other area to enter expenses for Legal & Accounting on Form 1041 Schedule K-1 worksheet.

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    March 26, 2020

    They get entered on the front page of the 1041 - Deduction Allocation Smart Worksheet Line 14. The program will automatically adjust the taxable amounts by the amount of the accounting fees allocated to them.  Its not a separate K-1 line item.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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