turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Re: trust distribute capital gains to beneficiary when trust has a capital gain loss carryover

I have a Complex Trust in it's final year with a Capital Loss Carryover to distribute.  Beneficiary #1 was distributed all of the income (Tier 1 Distribution), while Beneficiaries #1, #2 and #3 received Tier 2 Distributions in varying amounts.  TurboTax is allocating all of the Capital Loss Carryover to Beneficiary #1, while I understand that the 3 beneficiaries should receive the Capital Loss Carryover prorata in the amounts of their Tier 2 Distributions.  Is there a setting in the program that I am missing? Anything else you can think of?  I'd like to correctly allocate the Carryover and still file electronically.  Any help or suggestions are appreciated.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Re: trust distribute capital gains to beneficiary when trust has a capital gain loss carryover

@HioSilver 

 

You can make that adjustment in Forms Mode directly on the K-1s in the section entitled, "Beneficiary Allocation Smart Worksheet".

 

View solution in original post

1 Reply

Re: trust distribute capital gains to beneficiary when trust has a capital gain loss carryover

@HioSilver 

 

You can make that adjustment in Forms Mode directly on the K-1s in the section entitled, "Beneficiary Allocation Smart Worksheet".

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question