GraceNY Posted March 29, 2023 Report Share Posted March 29, 2023 1041 K-1, Box 11 Code "C" (Short term capital loss carryover): $ 5,191. I entered it on the K-1 (1041) in ATX software but it did not flow to the Schedule D, Line 5. Before I override it and e-file, I need to know if I did something wrong or is it an ATX software issue. BTW Interest and Dividends from K-1 flowed correctly to the tax return. Thanks in advance for any feedback. Grace Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 29, 2023 Report Share Posted March 29, 2023 Instructions for K-1 Form 1041: "Box 11, Codes C and D—Unused Capital Loss Carryover Upon termination of the trust or decedent’s estate, the beneficiary succeeding to the property is allowed to deduct any unused capital loss carryover under section 1212. A short-term capital loss carryover, reported as code C, is reported on Schedule D (Form 1040), line 5." Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 30, 2023 Report Share Posted March 30, 2023 I don't use ATX anymore, but one thing I can think of, if this isn't a programming error, is that the K-1 should be marked "final" and that the input should as well. 3 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted March 30, 2023 Report Share Posted March 30, 2023 21 minutes ago, jklcpa said: I don't use ATX anymore, but one thing I can think of, if this isn't a programming error, is that the K-1 should be marked "final" and that the input should as well. Damn she is smart. Tom Longview, TX 4 Quote Link to comment Share on other sites More sharing options...
GraceNY Posted March 30, 2023 Author Report Share Posted March 30, 2023 Thank you cbslee. It's not flowing to the Schedule D, Line 5. I had to override it. Thank you jklcpa. Yes, the K-1 is marked "final.' And, I marked the K-1 "final' in the ATX K-1 input screen. It's not flowing to Schedule D, Line 5. It's got to be a programming error. I will contact Support. Every year I have some issue with this software. No wonder it takes me so long to prepare a return. Have to check every line of the tax return. Hopefully I won't have to start checking the math! A colleague introduced me to ATX. I think 2004? First year I used the software the educator expense deduction wasn't carrying to NY return. I called her about it. They were not aware of it. Had to amend some of their returns. I know the software is just a tool and it's not a substitute for a professional's knowledge..... Grace 5 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.