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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Re: 1041 Final Return - Not Distributing Capital Loss
1041 Final Return - Not Distributing Capital Loss
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SL855
Level 3
04-01-2021
09:24 PM
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This is a silly mistake that I just figured out as I was posting. Spent 15 minutes trying to figure out what was going on, so I'll post here in case it's helpful to someone else at some point:
Working on a return for an estate and checked the box that it is the final return. There was a with a large capital loss. ProSeries was distributing the final year deductions, but not the capital loss. Could not figure out why.
It's because the capital loss will not go on line 3 or 4 of the K-1, it will go on line 11 with the rest of the final year deductions.
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1 Comment 1
BobKamman
Level 15
04-01-2021
11:09 PM
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Please, there is no such thing as a silly mistake.
Stupid mistake? Sure, lots of them.
