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Inconsistent amount on beneficiaries K-1

I am in the process of completing my trust return that is a form 1041. I have two beneficiaries each receiving exactly the same amount of a distribution. On the K-1 item 4a for one beneficiary the number is a positive number of 54,303 For the other beneficiary the number is a negative number -23,351. See below

 

 

Damon 2022-02-12_13h59_58.png

 

Danette 2022-02-12_13h59_16.png

 

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1 Best answer

Accepted Solutions

Inconsistent amount on beneficiaries K-1

There is a BUG (?) in the software.  One of 2020 beneficiaries did not receive a distribution in 2021 so I left the distribution amount blank.  The software did not know how to treat a blank i.e. null amount and posted last year (?) or some unknown (?) percentage for the 2021 distribution for this beneficiary this caused more than 100% for the total distribution and cause the error.  When I entered $0.0 the program work OK.

 

Barbara 2022-02-13_14h41_32.png

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2 Replies

Inconsistent amount on beneficiaries K-1

I think you need to check both the information you entered for each beneficiary and also the Distributions section of the Interview (Step-by-Step).

 

There is an input error somewhere.

Inconsistent amount on beneficiaries K-1

There is a BUG (?) in the software.  One of 2020 beneficiaries did not receive a distribution in 2021 so I left the distribution amount blank.  The software did not know how to treat a blank i.e. null amount and posted last year (?) or some unknown (?) percentage for the 2021 distribution for this beneficiary this caused more than 100% for the total distribution and cause the error.  When I entered $0.0 the program work OK.

 

Barbara 2022-02-13_14h41_32.png

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