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The legal and accounting fees for the 1041 should already be incorporated into the figures on the K-1, you wouldn't enter them on the 1040 separately.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Thanks Lisa:
I have entered amounts for Interest income, dividends, other income and the only expense category is "Estate Taxes". I don't see any other area to enter expenses for Legal & Accounting on Form 1041 Schedule K-1 worksheet.
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They get entered on the front page of the 1041 - Deduction Allocation Smart Worksheet Line 14. The program will automatically adjust the taxable amounts by the amount of the accounting fees allocated to them. Its not a separate K-1 line item.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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The problem is on Form 1040 Schedule K-1 worksheet. There is no where to record the amounts from Form 1041 Schedule K-1 for Legal & Accounting.
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Thats because its NOT a K-1 line item, the accounting fees included on the 1041 will reduce the amounts of income that are reported on the K-1 already, you dont get to deduct it again anywhere.
Did you prepare the 1041?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪