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Level 2
posted Jun 1, 2019 11:02:43 AM

On From 1041, how do I allocate 100% of ordinary dividends to the beneficiaries instead of the trust?

I am using TurboTax Business 2018. 

I have ordinary dividend income from mutual funds, and TurboTax has allocated about 26% of the those dividends to the beneficiaries instead of 100%.  

How do I tell TurboTax to change this (without overriding line 2b1 on From 1041)?

0 1 1048
1 Best answer
Level 15
Jun 1, 2019 11:02:45 AM

It is difficult to determine, without more details, precisely what is happening with the calculations.

However, refer to the screenshots below and ensure that the percentage for each beneficiary is correct on their K-1s and also that the TAI percentage is allocated properly between the beneficiary(ies) and the trust.

1 Replies
Level 15
Jun 1, 2019 11:02:45 AM

It is difficult to determine, without more details, precisely what is happening with the calculations.

However, refer to the screenshots below and ensure that the percentage for each beneficiary is correct on their K-1s and also that the TAI percentage is allocated properly between the beneficiary(ies) and the trust.