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ab11
New Member

How to allocate trust capital gain on a trustee return (form 1041) in a year that there are distributions to beneficiaries.

 
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tagteam
Level 15

How to allocate trust capital gain on a trustee return (form 1041) in a year that there are distributions to beneficiaries.

"How to allocate trust capital gain on a trustee return.....in a year that there are distributions to beneficiaries."

If the trust instrument and local law allow you to allocate capital gain to the beneficiaries, then the allocation, using TurboTax Business, is done as shown in the screenshots below.

Further, do not forget to make an actual distribution in the Distributions section of the program.

View solution in original post

4 Replies
tagteam
Level 15

How to allocate trust capital gain on a trustee return (form 1041) in a year that there are distributions to beneficiaries.

"How to allocate trust capital gain on a trustee return.....in a year that there are distributions to beneficiaries."

If the trust instrument and local law allow you to allocate capital gain to the beneficiaries, then the allocation, using TurboTax Business, is done as shown in the screenshots below.

Further, do not forget to make an actual distribution in the Distributions section of the program.

View solution in original post

cdbrown54
New Member

How to allocate trust capital gain on a trustee return (form 1041) in a year that there are distributions to beneficiaries.

How can I get the screenshots for this reply?  Thanks,

tagteam
Level 15

How to allocate trust capital gain on a trustee return (form 1041) in a year that there are distributions to beneficiaries.


@cdbrown54 wrote:

How can I get the screenshots for this reply?  Thanks,


See below.

 

Trust Cap Gain1.pngTrust Cap Gain2.pngTrust Cap Gain3.pngTrust Cap Gain4.png

tagteam
Level 15

How to allocate trust capital gain on a trustee return (form 1041) in a year that there are distributions to beneficiaries.

Screenshot of the distribution section appears below.

 

TrustEstate Dist 1.png

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