In 2019, Trust income from a Rental Property was distributed only to one of multiple beneficiaries (as directed by the Trust). Other income was distributed equally to each beneficiary.
For generating K-1s for distributing trust income to beneficiaries, TurboTax Business offers two formulas:
1 - Percentages (e.g. 50% to each beneficiary)
2 - Distribution amounts (e.g. $1,000 to one beneficiary and $3,000 to another)
However, TurboTax divides the rental income/depreciation between all beneficiaries per the % or $ amounts selected.
Questions:
- Is there a way to force all rental income/depreciation to one K-1 using TurboTax?
- Do I need to generate K-1s by hand? If so, can I still file electronically (which may be required by my state).
- Is there another tax software product that would support this?
Any info will help.
