Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Will a clients nol subtract a trust income from the k1 he…

will a clients nol subtract...
will a clients nol subtract a trust income from the k1 he received?
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/10/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,132
Experience: Taxes, Immigration, Labor Relations
Verified

Is that a personal NOL or NOL passed to beneficiaries from the trust?

Ask Your Own Tax Question
Customer reply replied 4 months ago
The client CL closed his Corporation and that was his personal carry forward from the nol on the corporation it is not a trust in nol the trust made money if it is a personal nol won't the trust income come off of the personal nol
Customer reply replied 4 months ago
it was an nol from his closed corporation it is personal it is not an nol from the trust being passed to beneficiarie...the trust made money it had taxable income

Corporation NOLs are not passed to shareholders.

We need to be clear if that is C-corporation - its NOL dies when the corporation is dissolved.

If that is S-corporation - it pays no income tax and would not have any NOL - instead taxable income is passed to shareholders and we would be dealing with personal NOL

Please verify.

Ask Your Own Tax Question

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,132
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,132
33,132 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
What is the cost to have a tax question answered? I am
I am preparing a return for a full year resident Minnesota client, joint return, and they received a Final Year Schedule K-1(Form 1041) for a California located Trust. The K-1 shows a $45000 amount in line 11D,NOL carryover. This loss carried over as a negative to line 21 of the 1040 and substantially offset $70,000 W-2 income, so that after the Standard Deduction and Exemptions there was zero taxable income. This NOL carryover also offset all taxable income on the Minnesota return. The result is that there was no net tax due, either Federal or State, and a total of about $9,000 in Federal and $3,000 State withholding is refundable. Two questions are; (1) Is any tax return filing needed for California, as there was no net income, and the client is not a resident of California (2) The trust was closed, and the NOL carryover deduction was distributed to the beneficiaries. Is it allowed to take the entire NOL carryover in the current year? Are there any other considerations? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
TAX QUESTION. A GENTLEMAN RECEIVED FROM THE TITLE COMPANY
A GENTLEMAN RECEIVED FROM THE TITLE COMPANY AMOUNT OF PROCEEDS. DOES HE HAVE TO OWN HIS HOME TO GET AN EXEMPTION. THE 250,000 EXEMPTION. HE LIVED IN THE HOME FOR SEVERAL YEARS. IT WAS HIS MOTHER'S HOME. HIS SISTERS HAD TO PAY TAX ON THE 90K HE PAID THEM....CALIFORNIA IS THE STATE … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
If a client has a K-1 from his parent's trust, where would I
If a client has a K-1 from his parent's trust, where would I input this information on their tax return? Also, does getting a k-1 mean they were receiving money from the trust?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,132 satisfied customers
I am a beneficiary of a trust and was given a copy of form
I am a beneficiary of a trust and was given a copy of form 1041 K-1 by the Trustee. I shows items in box 11A, D, and E then also an entry in 14 coded I. It appears I can deduct the amount in 11 D as a… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,132 satisfied customers
Carryover of trust tax losses to sole beneficiary of trust
Carryover of trust tax losses to sole beneficiary of trust in year trust wound up and assets distributed to sole beneficiary… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
If real estate is placed in a trust (non revocable)and the
If real estate is placed in a trust (non revocable)and the property taxes are paid by the trust via money deposited by the person who set up the trust. Who gets to deduct the property taxes on their t… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,132 satisfied customers
I have an S-Corp. I also have a sole proprietorship. The
I have an S-Corp. I also have a sole proprietorship. The S-Corp shows a loss on the Schedule K-1. My personal income form, including the sole proprietorship, shows a small profit but so small that I d… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Line 22 of the 1041 shows a negative figure - NOL. Must I
Line 22 of the 1041 shows a negative figure - NOL. Must I go back to deccendents previous years or can I distribute that amount equally on the K-1?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,132 satisfied customers
I had rental property in a trust (Im the beneficiary) we have
I had rental property in a trust (I'm the beneficiary) we have suspended losses and the property sold at a substantial loss. The trust is now terminated what happens to the losses… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,132 satisfied customers
I need some help as I am a very rusty CPA who is helping my
I need some help as I am a very rusty CPA who is helping my brother out with his returns. I have the same scenario as the above situation and except that I provided the loan to my brother's S Corporat… read more
taxmanrog
taxmanrog
Master\u0027s Degree
994 satisfied customers
I received a distribution from a family trust allocated by
I received a distribution from a family trust allocated by my brother who was the designated trustee by my dad who passed away in Feb 2011. My brother issued me a K1 form to fill out so I am assuming … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,132 satisfied customers
Estate has a business NOL on final 3rd year of estate form
Estate has a business NOL on final 3rd year of estate form 1041 tax form. Estate passes this business NOL to sole beneficiary. The business NOL was passed to the estate in year 1 & 2 from an active pa… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,132 satisfied customers
have client that has trust with his daughter as trustee & he
have client that has trust with his daughter as trustee & he is benificery. He wants to become benificary& change the name of the trust & transfer asset in old trust to a new trust reflecting these ne… read more
Anne
Anne
Master Tax Preparer
2,345 satisfied customers
16. Husband incurs $300,000 NOL in 2010 and before which he
16. Husband incurs $300,000 NOL in 2010 and before which he is carrying forward. Until 2010 husband and wife had been filing separately. In 2011 husband makes $40,000 independently on W2 and $80,000 a… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I had a $170k K1 loss in 2009, followed by $90k in AGI in 2010,
I had a $170k K1 loss in 2009, followed by $90k in AGI in 2010, followed by $590k in AGI in 2011. I have not filed taxes for the period 2009-11 (having received potentially bad advice from an accounta… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My 2009 AGI was Negative $31,000 due to a business loss from
My 2009 AGI was Negative $31,000 due to a business loss from my K1. How does this carry forward to 2010? The business ended all operations on 10/31/2009 and the K1 for 2009 was based on the Final Retu… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
Hi, My client had a NOL from his 2007 K1 of -$53,343.00
Hi, My client had a NOL from his 2007 K1 of -$53,343.00 His At Risk Adjustment and Allowable Loss was -$2,099.00 On his 2008 return I do not see a NOL Carry Over or an At Risk Worksheet. Can I continu… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
Taxpayer received a K1 ( s-corp ) 2008 with huge loss( she
Taxpayer received a K1 ( s-corp ) 2008 with huge loss( she has the stock basis for the loss)K-1 made her have a NOL -1040 , which she elected to carry forward 2009. 2009 got married and now they want … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x