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How does the beneficiary report the net operating loss (NOL) deduction from the termination of the estate or trust?
How does the beneficiary report the net operating loss (NOL) deduction from the termination of the estate or trust?
Michigan follows federal guidelines regarding the termination of an estate or trust and the treatment of any unused NOL carryover. To claim the unused NOL carryover, the beneficiary must complete Form 5674, which is required to claim an NOL deduction on Schedule 1. A copy of the final Schedule K-1 (Form 1041) must be included with the filing, otherwise the processing of the return will be delayed.