To mark a Form 1041 return for an estate or trust as a final return, from the Main Menu of the Tax Return (Form 1041) select:
- Heading Information
- Other Information
- Final Return? Change to YES. Select the description that best fits this return.
The K-1(s) will also need to be marked as final. To mark the K-1(s) as final, from the Main Menu of the Tax Return (Form 1041) select:
- Schedule K-1
- Schedule K-1 Input -
- Select the K-1 to edit.
- Final K-1? Change to YES
NOTE: Losses cannot be taken by the trust or the beneficiaries of a trust until the final year.