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R
rootesrooter
Level 4
June 29, 2020
Question

Trust as sole beneficiary of estate in final year

  • June 29, 2020
  • 1 reply
  • 8 views

Do an estate's final year NOL carryovers and (non-deductible) excess deductions flow out to trust beneficiaries?  I see no rules excluding trusts, but Lacerte's fiduciary program has no 1041 K-1 input fields to support it. The input skips right to line 11C and then 11F.

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1 reply

sjrcpa
sjrcpa
Level 15
June 29, 2020

 Yes they flow out to a trust beneficiary. Lacerte is lacking in the pass through income and deductions to pass through entities. Enter the  NOL in Screen 33.

If yo think  the excess deductions are deductible, find a place to enter them in Screen 32.

The more I know the more I don’t know.
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