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- Allocating IRA income on Form 1041
Allocating IRA income on Form 1041
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Ephesians3-14
Level 8
yesterday
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I am preparing Form 1041 and there are 8 beneficiaries. The trust received dividend and interest income ($1,000) as well as an IRA distribution ($100,000).
One of the beneficiaries (Mike) will NOT be receiving a share of the IRA distribution. Is there a way to use the Beneficiary Allocation Worksheet by entering the distributions each beneficiary received for their share of the dividends (that would be ALL 8 beneficiaries) on the First Tier line...and then entering the distribution each beneficiary received as their share of the IRA distribution on the Second Tier line (that would be entered for all beneficiaries EXCEPT Mike)?
I just don't know how to link up the IRA income to that Second Tier field.
Any help would be appreciated.
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2 Comments 2
Accountant-Man
Level 13
yesterday
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Were these beneficiaries directly named as beneficiaries, or was the Trust named?
Or are you trying to get 1/8 of the $1,000 distributed and only 1/7 of the IRA money?
Do 7 of them get $14,285.71 + $125.00 = $14,410.71 and one of them only gets $125.00?
Does it matter who gets which cash as long as they only get their correct shares?
But of course, it matters who gets Ordinary interest income and Other income(IRA) as opposed to Qualified dividends.
** I'm still a champion... of the world! Even without The Lounge.
Ephesians3-14
Level 8
yesterday
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Were these beneficiaries directly named as beneficiaries, or was the Trust named?
**YES-That’s why the income is reported on the trust return **
Or are you trying to get 1/8 of the $1,000 distributed and only 1/7 of the IRA money?
**See my original post. All eight of them will receive the dividend income, but only seven of them will receive the IRA distribution.**
Do 7 of them get $14,285.71 + $125.00 = $14,410.71 and one of them only gets $125.00?
**YES but my question is how do I link up the IRA amount of $100,000 to the second tier field on the allocation worksheet? Is that possible? Then it will be easier for me to enter amounts on the second tier field for seven of the beneficiaries and zero for one beneficiary.**
Does it matter who gets which cash as long as they only get their correct shares?
But of course, it matters who gets Ordinary interest income and Other income(IRA) as opposed to Qualified dividends.
