Skip to main content
Level 3
April 7, 2021
Question

The 2019 Partnership tax module automatically netted capital gains distributions against a LT capital loss carryforward from earlier years. The 2020 Partnership module did not do this automatically.

  • April 7, 2021
  • 2 replies
  • 18 views

The 2019 Partnership tax module automatically netted capital gains distributions against a LT capital loss carryforward from earlier years.  The 2020 Partnership module did not do this automatically, I had to go into screen 9 (Beneficiary/Grantor Info) and force it.  Why?  Did something change requiring me to manually override what was automactically done the year before?  My global setting did not change from 2019 either, I checked that

This topic has been closed for replies.

2 replies

Level 6
April 7, 2021

The post talks about partnership, yet you referenced beneficiaries. Are you working on a 1065 or a 1041?

DGCPA711Author
Level 3
April 7, 2021

It is a 1041 trust return, not a partnership, sorry for the error.

Level 6
April 7, 2021

In 2020 most likely the global setting in K-1 distribution options for Incl Cap loss in CG Dist is set to none. Change that to losses to the extent of gains.

DGCPA711Author
Level 3
April 7, 2021

The settings are the same in both 2019 & 2020 yet the module is handling the netting differently.