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Level 1
March 21, 2023
Question

I am preparing a final year tax return 1041. I have current year LT losses that are not showing as LT loss on the K-1, they are being forced onto Line 11 Code D. This is not a loss carryforward it is a current year loss.

  • March 21, 2023
  • 2 replies
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2 replies

sjrcpa
Level 15
March 21, 2023

That is the correct presentation for a final 1041.

The more I know the more I don’t know.
Level 2
March 21, 2023

That is proper way to report the loss.  The beneficiary succeeds to the loss in the final year.  They pick it up on their schedule D.