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Simple Trust distribution to beneficiaries. Turbo tax will not allow ALL income to be distributed and showing the Trust to pay income taxes. How do I fix this problem?
Turbo Tax Programming Error. I have a Simple Trust whereas ALL income is to be distributed to beneficiaries. Turbo tax shows where the Simple Trust is to pay income tax on a portion of the income.
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Simple Trust distribution to beneficiaries. Turbo tax will not allow ALL income to be distributed and showing the Trust to pay income taxes. How do I fix this problem?
"How do I fix this problem?"
In your case, you need to go back to the Income section and enter the entire amount of capital gains as "Capital Gains Attributable to Income" (see screenshot). Thereafter, you will have to distribute all income (in the Distribution section) to your beneficiaries.
Note that the type of trust will invariably change to Complex, so you will then have to go back to the beginning of the interview and specifically select Simple Trust.
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Simple Trust distribution to beneficiaries. Turbo tax will not allow ALL income to be distributed and showing the Trust to pay income taxes. How do I fix this problem?
"How do I fix this problem?"
In your case, you need to go back to the Income section and enter the entire amount of capital gains as "Capital Gains Attributable to Income" (see screenshot). Thereafter, you will have to distribute all income (in the Distribution section) to your beneficiaries.
Note that the type of trust will invariably change to Complex, so you will then have to go back to the beginning of the interview and specifically select Simple Trust.
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Simple Trust distribution to beneficiaries. Turbo tax will not allow ALL income to be distributed and showing the Trust to pay income taxes. How do I fix this problem?
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