About three years ago my wife received some money from a relative's will. The final expenses were paid on the last day of 2024. We received a Beneficiary Schedule K-1 (Form 1041) in the amount of $231.
First question is if we are taking the Standard Deduction do we need to file this expense?
Second question is if we do how can I get a Form 1041 from Turbo Tax Basic?
Section 67(e) expenses passed through with code A in box 11 of the Schedule K-1 are deductible as an above-the-line deduction on Schedule 1 line 24k. They are not an itemized deduction that would be reportable on Schedule A, so it doesn't matter that you use the standard deduction.
You enter the Schedule K-1 in the Schedule K-1 section under Wages & Income.
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