Form 1041 (Returns for Estates and Trusts). Schedule B, Line 9 (required distributions) defaults to $9000. For the estate I manage, it should be zero--the estate I mange has no required distributions. Turbo Tax then adjusts the distributions to beneficiaries making them too high. The interview mode does not have a link for Schedule B. The forms mode shows the values, but will not allow an edit. Additionally, TTx has changed the percent distribution among the beneficiaries. I have used TTx for this estate in previous years and did not have this problem. Please help. Thanks.
You can easily change the percentages on the Beneficiary's Allocation Smart Worksheet (on each K-1).
Found my own answer! To make an edit in forms mode, you must right click and select Override.
@romgifban wrote:
Found my own answer! To make an edit in forms mode, you must right click and select Override.
Doing so will void the TurboTax accuracy guarantee and most likely force you to print and mail the return.
Thanks for your input. I will mail anyway, so that's not a problem for me. But TTx defaulted to an incorrect value on line 9 of Schedule B of Form 1041. How else could I correct this? Note that the "interview" never asks how much income is required to be distributed. I have no idea how TTx chose the number it did. Turbo Tax also never asked and did not include the $600 exemption; I added that through Forms. I've used TTX for years, finding the personal version close to flawless, but the 1041 within TTx Business not quite as smooth.
Trust or estate? Estates get a $600 exemption while trusts get either $100 or $300 (depending upon whether income must be distributed).
There are a few scenarios where the program will not automatically return the correct result, but that is typically easily taken care of in Forms Mode.