Business & farm
@canastasio wrote:
How should the payout be reflected on their individual 1040 returns? Thanks much for any help/insight on this.
Net losses from the estate can only be distributed after termination when the estate is filing its final return.
If that is the case here, then indicate that the estate is filing its final return (under General Info>>About Your Trust or Estate).
Subsequently, enter Forms Mode (click the icon in the upper right side of the screen), click each K-1 form under Forms in My Return, and enter each beneficiary's percentage in the Beneficiary's Allocation Smart Worksheet (see screenshot).
