I am using Turbo Tax Small business desktop for filing complex trust tax return. I have capital gains which are allocated to corpus. Unfortunately, TurboTax lacks a dedicated option for this scenario and has consequently treated the allocated capital gains as regular income. I would appreciate guidance from someone knowledgeable on how to accurately report this situation.
My Desktop version doesn't have Allocation of Capital Gains (Loss) as the screenshots shown under the Income section. Also there is no accounting option for me to allocate the capital gains as income.
This is my interface. I wonder why TT took out the allocation option out. Is there other ways I can do it?
To clarify, are you trying to allocate capital gains to your beneficiaries? If so, what are the source of your capital gains? For an example, there is a section listed under investment income >stocks, mutual funds, bonds and others. Once a capital gain is determined from the security sales, then the capital gains are allocated to each partner's K-1 according the the percentage of allocation you assign each beneficiary.
If this is not what you are asking, please give us the specifics of your issue.