At-risk limitation for a trust

"Hmmm," I said to myself. "How on earth did you do that, when I've never seen either basis or at-risk limitations built into the 1041 package."

So I looked again, and there *is* a field that mentions at-risk. But it doesn't do at all what you're thinking it might, which is produce an accurate 6198 and limit everything appropriately, the way the much much much more extensive input in the 1040 package does.

From F1 help:

Amount At Risk (Blank if All)

General Information Screen 25; Code 16

Enter the total amount at risk in this K-1 entity as a positive number. If this Schedule K-1 has a loss, the program limits the loss to the amount entered here. You need to manually prepare and attach Form 6198 if you have amounts which are not at risk. If this field is left blank, the program assumes the entire amount is at risk.

Note: Any entry here only applies to Ordinary Income/loss on Schedule K-1 input sheet (code 3). You must manually adjust the at-risk amount for any other items that would affect the at-risk amount.

For entities other than 1040s, basis and at-risk calcs have to be done more or less manually, with input limited to the allowable amounts.