turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

derenge
Returning Member

In answering the question how much of the capital gains are allocable to beneficiary I'm not sure what to put. what does allocable mean?

what portion allocation of long term gain allocable to beneficiary .do I put 0 or the full amount?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
GeorgeM777
Expert Alumni

In answering the question how much of the capital gains are allocable to beneficiary I'm not sure what to put. what does allocable mean?

Allocable means allocated or assigned.  Essentially, TurboTax is asking how much of the capital gains were given to the beneficiary.  Does all of this relate to a Trust?  An Estate return?  If this relates to a Trust, then the amount to allocate to the beneficiary may be explained in the Trust Agreement or, if this relates to the administration of an Estate, the Last Will and Testament may indicate what amount to allocate to the beneficiary.

 

Follow-up with additional information so that we can better understand your tax situation.

 

@derenge 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
derenge
Returning Member

In answering the question how much of the capital gains are allocable to beneficiary I'm not sure what to put. what does allocable mean?

thanks ,I think that answer my question, its a complex trust with one beneficiary,The trust made no distribution this year so I put the allocable amount as 0 as none of the capital gains were given to the benificiary.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies