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March 11, 2023
Question

This year ('23), I received a Schedule K-1N (Form 1041) for year 2021. It shows -$4826 on line 7 for net long-term capital gain. What do I do with this document now?

  • March 11, 2023
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1 reply

March 11, 2023

You will want to go back to 2021 and amend your tax return to see if you can get a refund.  See How do I amend my federal tax return for a prior year?  There may also be a carryover that you can use on your 2022 tax return.