Question

Using TTax Business is it possible to distribute less than 100% to K-1 beneficiaries?

Forum|Forum|2 years ago
April 4, 2024
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Using TTax Business is it possible to distribute less than 100% of income to K-1 beneficiaries?

When I tried to allocate 20% 20% and retain 40% of the income for tax payment by the Trust,
the "Beneficiary list" gave angry red, and the percentage did not reflect on From 1041.

Note: forms mode is all but completely broken in TTax Business Windows.

TurboTax Business Windows

A

Anonymous_

@iOne wrote:

Using TTax Business is it possible to distribute less than 100% of income to K-1 beneficiaries?

No, it is not possible.

The amounts specifically allocated to the beneficiaries need to total 100%. The entire income/gain allocated to the beneficiaries does not need to total 100% but the amounts distributed to the beneficiaries does need to total 100%.