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