EXCESS DEDUCTIONS ON TERMINATION DISTRIBUTED TO A TRUST

Forum|Forum|5 years ago
March 17, 2021
1 reply
8 views

I have a trust that received a K-1 from an administrative trust that was final this year and distributed excess deductions on termination on the K-1 to the beneficiary trust. Does anyone know how you enter the excess deductions off of the K-1 into the beneficiary trust return. Unlike in the individual program, there is no specific place in the fiduciary program on the passthrough K-1 input to enter the excess deductions on termination.

Lacerte Tax

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P

PKCPAMST

Level 6

For the trust return, go to Screen 43 Schedule K-1 Overrides/Miscellaneous. In the Sections at the left bottom, select Final Year Deductions (11).

K

Kathleen1Author

Level 5

Thank you for the response. However, I'm talking about bringing excess deductions into the beneficiary trust return, not passing them out. It is a complex trust, so nothing is being distributed out. I want the excess deductions reported to the beneficiary trust to offset income in the trust.

C

COGS

Level 3

Kathleen, Did you ever get an answer? I am in the same boat. Thank you!

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