New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Why aren't the 28-percent rate capital gain / loss items appearing on the Schedules K-1 for a final return?

Answer

On a final return, you do not need to mark the Allocate capital losses to beneficiaries on non-final return field on Screen Allocate in the Allocation folder for the losses to transfer to Schedule K-1 if there is an overall loss. However, if the capital gains of one type (short-term versus total long-term) are greater than the capital losses of the other type, the loss is netted against the gain, and no losses print on Schedule K-1.

When there is a 28-percent rate capital gain with an overall long-term capital loss, the long-term capital loss prints on Schedule K-1, line 11, Code C without the 28-percent rate gain information included on the return. If you enter X in the Print 28% gain with long-term loss field on Screen Allocate in the Allocation folder, the 28-percent rate gain prints on Schedule K-1, line 4b.

Related topic: 1041-US: Schedule K-1 FAQs

Was this article helpful?

Yes No

Submit