1041 Question

[TAG]

I've become brain-dead. I've got a fairly simple 1041. Pg 1 line 2a total ordinary dividends=5,125; line 4 capital gain (loss)= -3,000.

The question: Should the -3,000 from the Sch D (1041) be on the K-1 ? If so, where?

Thank you.

I've gone through decades of tax seasons, but I feel this has been the hardess one yet.

[Lynn EA USTCP in Louisiana]

I've become brain-dead. I've got a fairly simple 1041. Pg 1 line 2a total ordinary dividends=5,125; line 4 capital gain (loss)= -3,000.

The question: Should the -3,000 from the Sch D (1041) be on the K-1 ? If so, where?

Thank you.

I've gone through decades of tax seasons, but I feel this has been the hardess one yet.

What 'little' I do know of 1041's is that the -3000 capital loss does NOT go on the k-1, EXCEPT if in the final year. Capital losses stay within the trust until it becomes final.

Lynn

Lynn Jacobs, EA, FNTPI, NP

Enrolled Agent

Notary Public

Kenner, LA

[TAG]

Thank you, Lynn.

Yeah, now it's comming back to me.

[schirallicpa]

I've become brain-dead. I've got a fairly simple 1041. Pg 1 line 2a total ordinary dividends=5,125; line 4 capital gain (loss)= -3,000.

The question: Should the -3,000 from the Sch D (1041) be on the K-1 ? If so, where?

Thank you.

I've gone through decades of tax seasons, but I feel this has been the hardess one yet.

Capital loss stays with the 1041 til the very last year.

I agree - this has been a heck of a year, and I haven't really pinpointed the reason why.

[Pacun]

Capital loss stays with the 1041 til the very last year.

I agree - this has been a heck of a year, and I haven't really pinpointed the reason why.

Too much experience is not a good thing. Mid-expericience is the best thing.

I have pinpointed it for you. WE ARE ONE YEAR OLDER!