TurboTax Business for Form 1041 has problems generating the figures for beneficiary K-1's if the beneficiary percentage is not entered. The program never asks you to enter this number.
I am using TurboTax Business to file an initial and final Form 1041 for a trust. There are final year capital losses which should be passed on the beneficiaries in the beneficiary K-1's. After completing the Federal Taxes, the Federal Review turned up an error where the beneficiary percentages are blank. There is no way to enter the percentages in the displayed form. There are two other places where I looked to see if beneficiary percentages could be entered. In the "Beneficiary Information" section, there is also no way to enter the percentage. In the "Distributions" section, you can enter the dollar amount but not the percentage. Without the beneficiary percentages, the program cannot calculate the figures to fill in the K-1's, so will be left blank.
After much rummaging, I finally found a place to enter beneficiary percentages. Go to Forms, click on Schedule K-1 for each beneficiary on the left side, scroll down to Beneficiary's Allocation Smart Worksheet, and enter the percentage under B(1). After entering the percentage, the correct figures will be displayed.
