Question

How to enter each 1099 B on my 1041 tax return

Forum|Forum|2 years ago
August 9, 2023
1 reply
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Hello:

I'm stumped with the entries for TT business 1041 filing. Is there any assistance available for step by step help. I also am stumped at entering the 1099 B. I have 3 beneficiaries no home in the estate. I do have 3 1099B to enter and one 1099 from the sale of a Templeton Fund. Every time I’ve worked the numbers for the K one it doesn’t match up. And then when I rework it, the estate owes money. This is about $124,000 that shown on paper. I consulted with the CPA and they want the estate bank accounts along with the inventory for the estate. I only want to report the items that I receive 1099 for .
I really wish I could just figure out what the correct answer is in the entries. I must be doing something wrong because I keep getting a different answer. The most confusing part is how to enter the 1099B. One of the stocks has an X and then a D. I appreciate any advice or if there’s any consultant out there that wants to reach out I’d be more than happy to pay for step-by-step walk-through with this TurboTax program that I already purchased.

TurboTax Business Windows

A

Anonymous_

Employee

There is no step-by-step assistance for the 1041 module in TurboTax Business (paid or otherwise).

The X code generally means the holding period is unknown (at least to the brokerage firm) while the D code indicates a long-term holding period for which the basis is being reported to the IRS.

You might want to elaborate on the statement, "Every time I’ve worked the numbers for the K one it doesn’t match up.". What do you mean by the "numbers for the K one doesn't match up" (i.e., match up with what)?