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I'm trustee of a complex trust and can allocate capital gains to the beneficiaries. I distributed $3,000 of $5,000 of the cg. What do I enter as distributions and alloc?
If I enter $5,000 as allocable and $3,000 as attributable to income, Schedule D, line 18(a) allocates the entire $5,000 to the beneficiary and $0 to the trust, but the K-1 correctly shows $3,000 cap gain distributed. If I enter $3,000 allocable and $5,000 attributable, Sched D line 18(a) correctly allocates $3,000 to beneficiary, but the K-1 shows less than $3,000. I can't find any combination of the two numbers that allocates $3,000 to the beneficiary in both the Schedule D and the K-1. What should I enter?
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‎February 9, 2023
3:28 PM