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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- Form 1041 K1 final year deductions not flowing to 1040
Form 1041 K1 final year deductions not flowing to 1040
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JaUrbanski
Level 3
02-15-2021
10:59 AM
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For a final 1041 K1 with an entry on Line 11A, this deduction should flow to the 1040 as an adjustment to AGI pursuant to recent regulations REG-113295-18 issued May 18, 2020. ProSeries does not do anything with the number entered on 11A of the K1 worksheet. This is wrong.
Preparers will need to make an adjustment on the Other Income line 8 of Schedule 1 entering the final year deduction amount from 11A as a negative number and referencing the Trust or estate name and TIN in the explanation. It may also be helpful to reference the regulation citation.
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BobKamman
Level 15
02-15-2021
11:12 AM
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(c) Applicability date. This section is applicable to taxable years beginning after
[date these regulations are published as final in the Federal Register].
And they were published in May 2020.
So isn't this a question for next year?
https://s3.amazonaws.com/public-inspection.federalregister.gov/2020-09801.pdf
JaUrbanski
Level 3
02-15-2021
11:24 AM
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On September 21, the IRS issued final regulations in T.D. 9918. The final regulations adopt the proposed rule specifying that Code Sec. 67(e) expenses remain deductible in determining an estate or non-grantor trust's AGI during years 2018 - 2025 without modification. In addition, the final regulations provide clarifications and modifications in response to practitioners' comments.
The final regulations apply to tax years beginning after the date of publication in the Federal Register, but taxpayers may choose to apply the amendments to Reg. Sec. 1.67-4, Reg. Sec. 1.642(h)-2, and Reg. Sec. 1.642(h)-5 in T.D. 9918 to tax years beginning after December 31, 2017.
