IRS has a proposed reg 113295-18 stating that Excess Deductions on Termination of a Trust can be deducted on Schedule 1 starting in 2018. Has anyone else seen this?
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Yes, One of many articles addressing it.
Always cite your source for support to defend your opinion -
After reading it since this will become a deduction before AGI will the states conform? If we prepared K-1 and had excess deductions do we need to inform heirs as to where to report or correct their original filing?
Will it require form 1040X? Just a question I had.Comment
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Of course 1040X will be needed for any 2018 or 2019 return already filed without this deduction claimed.Comment
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