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Under Investment Income is Allocation of Capital Gains/Loss. The "learn more" link says this refers to short term capital gains, which the first screen asks for the dollar amount. The next screen asks for Capital Gains Attributable to Income. Is this still referring to short term gains? The trust has short term gain, but long term loss. The trust distributes 100% to the beneficiary. On this screen in question what do I enter?
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If you, as trustee, are granted the authority (discretionary or mandatory) by the trust document to distribute gain, then that amount of gain is typically allocated to income.
As trustee I have the authority to distribute capital gains. My question is, I am confused as to what to enter in the screen asking for Capital Gains Attributable to Income. Is it asking only for short term gains? or total gains? What if total gains are a negative number? a capital loss.
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