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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 are the 28-percent rate capital gain / loss items not appearing on the Schedules K-1 for a non-final return?

Answer

For losses to appear on Schedule K-1 for a non-final return, the Allocate capital losses to beneficiaries on non-final return field on Screen Allocate in the Allocation folder must be marked. The following scenarios assume this field is marked.

• Long-term capital gain / 28-percent rate capital loss

  The long-term capital gain prints on Schedule K-1, line 4a, without any 28-percent rate loss 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 loss prints as other information with Schedule K-1.

• Long-term capital loss / 28-percent rate capital gain

  The long-term capital loss prints on Schedule K-1, line 11, Code C without any 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

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