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I have a 1041 K-1 with $38,340 in box 11 marked A...Final year

deductions Listed as Taxes, Fiduciary Fees...
I have a 1041 K-1 with $38,340 in box 11 marked A...Final year deductions
Listed as Taxes, Fiduciary Fees, Attorney Accountant. Are these all Final Year Deductions that should go on Schedule A..Misc. Deductions, subject to 2% floor? All I have previously seen as final year deductions have been the deceased medical expenses. Thanks
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Answered in 20 hours by:
4/9/2010
JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
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Hello,

 

Thanks for your question.

 

Yes, these are final year deductions and you can claim them on line 23 of your Schedule A. Since the assets/income have all been distributed out of the trust/estate, the excess deductions that could not be deducted by the trust/estate is being assigned the the beneficiaries.

 

Excess deductions on termination occur only during the last tax year of the trust or estate when the total deductions (excluding the charitable deduction and exemption) are more than the gross income during that tax year.

 

Hope this helps,

Best regards,

 

 

JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
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