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#3
03-09-2005, 08:42 PM
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 Re: 1041 - K-1 items Thank You, Harlan. I have prepared several 1041's but they have always flowed to a 1040 which is the most common situation. Since it was flowing to another 1041, I wanted to check that I was doing it properly. I appreciate the your polite posting. Amy << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
03-08-2005, 10:15 AM
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| Re: 1041 - K-1 items David Woods, EA, ChFC, CLU wrote: - quote - > "Amy" <amybmcvey[at]msn.com> wrote:
For Amy - -> > I am preparing an initial 1041 for a trust. The trust > > received a K-1 from the grantor's estate showing the > > following: > > > Schedule k-1 line 13a - Excess deductions on termination $1000 > > " " " line 13c - Long-term capital loss carryover ($500) > > > Column (c) of a schedule K-1 identifies the locations which > > a taxpayer would show these items when transferring the > > figures to a 1040. To which lines would these items flow on > > a 1041?? > Might I suggest that if you do not know how to prepare a > 1041 that you not attempt to do so? Don't be daunted and become discouraged at the form 1041. We all had to start somewhere, and this forum is (normally) a great place to get answers to questions like yours. (as you saw from Paul's answer) A friend of mine in Idaho has a problem with the 1041, also. Before I got a chance to answer her question (about beneficiaries), she hooked up with another excellent EA out in Nevada who set her straight. We all help each other. This newsgroup is not just for laymen to ask tax questions, but also for tax pros to exchange information and share experiences. Every day here is a learning experience. ChEAr$, Harlan Lunsford, EA n LA Mon 7 mar 2005 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-07-2005, 08:31 AM
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| Re: 1041 - K-1 items "Amy" <amybmcvey[at]msn.com> wrote: - quote - > I am preparing an initial 1041 for a trust. The trust
Might I suggest that if you do not know how to prepare a> received a K-1 from the grantor's estate showing the > following: > Schedule k-1 line 13a - Excess deductions on termination $1000 > " " " line 13c - Long-term capital loss carryover ($500) > Column (c) of a schedule K-1 identifies the locations which > a taxpayer would show these items when transferring the > figures to a 1040. To which lines would these items flow on > a 1041?? 1041 that you not attempt to do so? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-03-2005, 11:34 PM
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| Re: 1041 - K-1 items "Amy" <amybmcvey[at]msn.com> wrote: - quote - > I am preparing an initial 1041 for a trust. The trust
Administrative expenses subject to 2%.> received a K-1 from the grantor's estate showing the > following: > Schedule k-1 line 13a - Excess deductions on termination > $1000 - quote - > " " " line 13c - Long-term capital loss carryover
Schedule D> ($500) -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-03-2005, 07:09 AM
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| 1041 - K-1 items I am preparing an initial 1041 for a trust. The trust received a K-1 from the grantor's estate showing the following: Schedule k-1 line 13a - Excess deductions on termination $1000 " " " line 13c - Long-term capital loss carryover ($500) Column (c) of a schedule K-1 identifies the locations which a taxpayer would show these items when transferring the figures to a 1040. To which lines would these items flow on a 1041?? Thanks, Amy << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1041, items |
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