Sch K-1 (Form 1041) Line 11D
Final return of mother's estate received. Only box that has any figures is Box 11. Code A - provided statement with excess deductions on termination of $11,000, Code C Long term capital loss carryover, 5,600, Codes D & E, The Net operating loss carryover - regular tax (D) and minimum tax (E) is $300,000 (this is beneficiary's percentage). Once entered on form 1040, line 21, total income becomes a -265,000, AGI becomes -267,000 and taxable income becomes ZERO. Sound right? AND, money received from inheritance does not have to be reported, correct? I've read and read and believe everything is entered properly but want to make sure that I'm not missing something and am entitled to full refund of all personal taxes withheld and paid in.