1041 Complex trust

Forum|Forum|4 years ago
June 30, 2022
2 replies
27 views

I don't remember having this issue in the past. I have a complex trust that made distributions of income but not 100%. Proseries will not allow me to show 100% of the income to the beneficiary on Sch K-1 unless I check the box for simple trust. Is this correct or did something change?

ProSeries Professional

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sjrcpa

Level 15

Why do you think 100% of the income should be on the K-1s when less than 100% was distributed?

The more I know the more I don’t know.

K

kgallandAuthor

Level 4

The trust is to distribute 100% of income but since it can also distribute corpus it does not qualify as a simple trust. Income was not determined until the partnership K-1 was completed so not 100% was distributed in 2021. I forgot about the 663b election so that will solve my problem! I don't do many trust returns anymore. There have been so many changes to Proseries in the last 2 years that we are not told about and it is hard to find the input areas for some of the changes.

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