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- Form 1041 Problem -- Allocation of Capital Gains
Form 1041 Problem -- Allocation of Capital Gains
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BobKamman
Level 15
yesterday
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Has anyone else noticed anything weird on Form 1041, Page 2, Schedule B, Line 3? The entry is supposed to be the capital gains allocated to the beneficiary on Schedule D, Line 19, column 1. I have zero there, all gains are allocated to the trust. But instead of picking up the Column 1 amount, it picks up the Column 2 figure (which happens to be about $90,000). Then on the beneficiary K-1 there is shown $92,000 of dividends, even though there is only about $2,000 of net dividend income.
I had switched amounts from Column 2 to Column 1, to see what difference it would make to allocate gains to the beneficiary, but then I switched them back. Did this permanently spoil the pie? Do I need to reinstall the 1041 form? Remove Schedule D and start over? (There are several noncovered transactions I don’t want to re-enter.)
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