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iOne
Level 4

Using TTax Business is it possible to distribute less than 100% to K-1 beneficiaries?

Using TTax Business is it possible to distribute less than 100% of income to K-1 beneficiaries?

When I tried to allocate 20% 20% and retain 40% of the income for tax payment by the Trust, 
the "Beneficiary list" gave angry red, and the percentage did not reflect on From 1041.
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Note: forms mode is all but completely broken in TTax Business Windows.

 

 

 

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1 Reply

Using TTax Business is it possible to distribute less than 100% to K-1 beneficiaries?


@iOne wrote:

Using TTax Business is it possible to distribute less than 100% of income to K-1 beneficiaries?


No, it is not possible.

 

The amounts specifically allocated to the beneficiaries need to total 100%. The entire income/gain allocated to the beneficiaries does not need to total 100% but the amounts distributed to the beneficiaries does need to total 100%.

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