Estate Return - List of Beneficiaries Error

[ale13]

Federal Review identifies an error:  "List of Beneficiaries: Total Percentage: The beneficiaries' percentages do not equal 100%", but the form does not allow inputs to correct.  Any solution to this?

[ale13]

Thank you. I understand. However, but I don't find a place in the "Beneficiary Information" section where the percentage can be input.

[Anonymous_]

You can use Forms Mode to enter the percentage on each K-1 in the Beneficiary's Allocation Smart Worksheet.

[ale13]

Thanks.  That form isn't on the list in my return.  I have "Beneficiary Lst" where the error occurs, and it does not allow me to edit.  (The number of beneficiaries on the form also incorrectly totals 2 but there is only one listed). 

[Anonymous_]

You should have at least one K-1 in your return unless you're distributing nothing (the worksheet is a part of the K-1).

Check the Beneficiary Information section. The number should line up with the Beneficiary List.

[ale13]

Yes, there is a K1 for the beneficiary and a worksheet but there isn't a place to enter the percentage ownership.

[Anonymous_]

Did you see the screenshot I posted previously?

There is a place to enter the percentage on the worksheet on the K-1.

[Anonymous_]

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@ale13 wrote:

Yes, there is a K1 for the beneficiary and a worksheet but there isn't a place to enter the percentage ownership.

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Also, you do not enter the "percentage ownership", you enter the percentage of the distribution.

Again, see the screenshot and look (carefully) at your K-1.

[ale13]

I am still having this problem. I tried printing forms to file with paper but the program won't print out the K-1 needed to file with the return. I was hoping that an update would correct the problem.

[Anonymous_]

There is a selection in the program to not print the K-1s.

Did you make that selection?

There is no other reason the K-1(s) would not print out with the rest of the return unless you did not enter a beneficiary or elected to have to trust pay any tax liability due.

[ale13]

Where is that selection? I have not made that selection intentionally, and when I go to print it is not listed as an official form required for filing nor do I see any option for adding it.

[Anonymous_]

It is in more than one place in the program. 

Enter Forms Mode and look at your 1041 and your Fiduciary Information Worksheet.

[ale13]

I am able to access and print the K-1 from Forms mode. But the problem is that the K-1 is blank because it doesn't have the beneficiary's percentage allocation.  To sum up my problem:

1. I filed a return a 2022 (initial) return using Turbo Tax with no problem.

2. I imported 2022 return info into the 2023 (final) return.

3. There is one beneficiary and there is no place in the Beneficiary Info walk through to provide the allocation.

4. Error review shows one error - an error in the Beneficiary Lst form, but the form does not allow for correction.  This is the case in Forms mode also.  The Beneficiary Lst form is the only place I find where the percentage allocation can be entered. 

5.  I cannot file electronically, presumably because of this issue.  

6.  I can print and file paper, but the K1 required will be blank. 

7.  Is my only option to fill out the K1 manually and print it?  If so, it was a poor decision to use Turbo Tax to file this return.

[Anonymous_]

How many beneficiaries are there? You mentioned only one, which would be 100%.