TAG Posted March 28, 2011 Report Share Posted March 28, 2011 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. Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted March 28, 2011 Report Share Posted March 28, 2011 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 Quote Link to comment Share on other sites More sharing options...
TAG Posted March 28, 2011 Author Report Share Posted March 28, 2011 Thank you, Lynn. Yeah, now it's comming back to me. Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted March 29, 2011 Report Share Posted March 29, 2011 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. Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 29, 2011 Report Share Posted March 29, 2011 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! Quote Link to comment Share on other sites More sharing options...
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