Final Trust 1041 for grantor complex trust
Grantor died in 1997. Trust remained for benefit of spouse. Spouse died in April 2023, after receiving distributions greater than earnings of trust for the year. Remaining principal distributed to 3 children in October 2023.
1. How are beneficiaries entered into TurboTax Business(Trust) to indicate that spouse was 100% beneficiary prior to death and children equal beneficiaries after April?
2. Is there a way to indicate amount of dividends earned by end of April vs after April to allocate properly on K-1s?
3. The trust has a $6,000 capital loss carryforward for the year. How can the remaining loss (after $3,000 is applied to the current year trust 1041) be applied only to the K-1s for the 3 children? TurboTax is applying it proportionately to the spouse and 3 children based on amount of distributions for the year.
Thank you for any help.
