This article focuses solely on the entry of the Deduction, Credit and Other Items which are found on Lines 10 through 11 of the Schedule K-1 (Form 1041).
Box 10 – Estate Tax Deduction (Including Certain Generation-Skipping Transfer Taxes)
Amounts entered on this line will automatically flow to Line 16 of Schedule A (Form 1040) as a Miscellaneous Deduction with a notation referencing "ESTATE TAX DEDUCTION FORM K-1" and the amount on Box 10. Because this item is entered on Schedule A (Form 1040) Line 16 as a Miscellaneous Deduction, it is not subject to the limitation that the expense must exceed 2% of the amount on Form 1040, line 11 (Adjusted Gross Income).
Final Year Deductions
Line 11 A – Excess Deductions on Termination - Section 67(e) Expenses
Amounts reported in Box 11A will automatically be carried to Schedule 1 Line 24k.
Line 11 B – Excess Deductions on Termination - Non-Miscellaneous Itemized Deductions
Section 67(g) suspends miscellaneous itemized deductions subject to the 2% floor for tax years 2018 through 2025. Therefore, miscellaneous itemized deductions are not deductible as excess deductions on termination.
Line 11 C – Unused Capital Loss Carryover - Short Term Capital Loss Carryover
Amounts reported in Box 11 code C represent the entity's short-term capital loss carryover and this amount will automatically flow to Schedule D (Form 1040), Line 5.
Line 11 D - Unused Capital Loss Carryover - Long Term Capital Loss Carryover
Amounts reported in Box 11 code D represent the entity's long-term capital loss carryover and this amount will automatically flow to Schedule D (Form 1040), Line 12.
Box 11 E – Net operation loss carryover for Regular Tax Purposes
This amount will automatically flow to Form 1040, Schedule 1, Line 8a.
Box 11F - Alternative Tax NOL (Manual Entry required)
A deduction for an Alternative Tax NOL (ATNOL) carryover for alternative minimum tax (AMT) purposes, reported as code F, is reported on Form 6251, line 2f (Alternative tax net operating loss deduction).
To report this amount within your TaxSlayer account, go to: Federal > Other Taxes > Alternative Minimum Tax (AMT)