Question

Schedule K-1 1041

Forum|Forum|1 year ago
March 11, 2025
1 reply
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I received a K-1 1041 from a trust which my wife was a part of an inheritance. It's showing in Box 11 😧 $73,300. (Long-Term Capital Gains Gain) . We have a Capital Gains Loss from previous year that exceeds this amount, however TurboTax is showing that we owe money.

Am I not able to apply the capital gains loss carry over to this amount on the K-1?

I went from a $2,000 refund to owing ~$14,000

Not A Product Question

M-MTax

@cmull20 wrote:
I received a K-1 1041 from a trust which my wife was a part of an inheritance. It's showing in Box 11 😧 $73,300. (Long-Term Capital Gains Gain) .

Box 11 (D) is a Long-Term capital loss carryover, not a long-term capital gain.

Are you sure you entered this correctly?