michaelmars Posted March 1, 2009 Report Share Posted March 1, 2009 i am doing the final year of an estate return which has unutilized nol's. i can't get these to flow to the k-1. all the bunny hops just bring me around in a circle from the 1041 to the k-1 back to the 1041. i can't find where there is a blue field to enter them on the k-1 nor can i find a check box anywhere telling the program to distribute them. Thanks all. Quote Link to comment Share on other sites More sharing options...
David1980 Posted March 1, 2009 Report Share Posted March 1, 2009 NOL's are lost at death, so the NOL does not get distributed to the beneficiaries. It's just gone. Just one of those things,... On the other hand we benefit so much from the step-up basis that it ends up being a good deal for most people. Just not those that die with unused NOLs. See Revenue Ruling 74-175. Quote Link to comment Share on other sites More sharing options...
MontanaEA Posted March 1, 2009 Report Share Posted March 1, 2009 Was this NOL from the decedent, or did the estate generate it? Quote Link to comment Share on other sites More sharing options...
Maribeth Posted March 1, 2009 Report Share Posted March 1, 2009 Was this NOL from the decedent, or did the estate generate it? Mike, I played around with a final estate of mine. I could not get the final year deductions in place if I put the NOL on line 8 of Page 1 -- which for a carryforward is probably where I would have put it. However, placing the carryforward amount on the Schedule C brought the correct final year amount to the K-1. See if this will work for you. Maribeth Quote Link to comment Share on other sites More sharing options...
David1980 Posted March 1, 2009 Report Share Posted March 1, 2009 Mike, I played around with a final estate of mine. I could not get the final year deductions in place if I put the NOL on line 8 of Page 1 -- which for a carryforward is probably where I would have put it. However, placing the carryforward amount on the Schedule C brought the correct final year amount to the K-1. See if this will work for you. Maribeth Actually form instructions indicate to enter it on line 15a of page 1 as an "other deduction" not subject to 2%, instead of line 8. I wonder if that would result in the same treatment as Schedule C. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 2, 2009 Author Report Share Posted March 2, 2009 NOL's are lost at death, so the NOL does not get distributed to the beneficiaries. It's just gone. Just one of those things,... On the other hand we benefit so much from the step-up basis that it ends up being a good deal for most people. Just not those that die with unused NOLs. See Revenue Ruling 74-175. sorry david the nol is from the estate and isn't lost, its atx that i sscrewing up by not distributing it in a final k-1 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 2, 2009 Author Report Share Posted March 2, 2009 Mike, I played around with a final estate of mine. I could not get the final year deductions in place if I put the NOL on line 8 of Page 1 -- which for a carryforward is probably where I would have put it. However, placing the carryforward amount on the Schedule C brought the correct final year amount to the K-1. See if this will work for you. Maribeth thanks, gonna try than once thay plow my street and i make it to the office Quote Link to comment Share on other sites More sharing options...
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