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Business & farm
Thank You.
You are correct - the amounts shown in Part III of the K1s for the previous estate return are 1/3 of the income. So they are correct.
The amount shown in the smart worksheet A-1 "Income required to be distributed" is incorrect and is the entire distribution amount. I guess that is not used anywhere so I should not bother amending the K1 forms?
I have now entered it correctly on the current 1041 I am working on.
I do think TT should change their question in the step by step to say 'How much income was distributed' instead of simply 'How much was distributed'.
Thank You for your help
‎August 24, 2021
12:56 AM