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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Line 14 of Distributable Net Income for Schedules K-1 on 1041 is wrong per the instructions
Line 14 of Distributable Net Income for Schedules K-1 on 1041 is wrong per the instructions
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Ben2
Level 2
03-03-2022
06:20 PM
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It's supposed to be the proportional amounts from line 13 multiplied by the total income distributed from line 15 of 1041. It's getting the total right but the individual amounts are way off. For example, the trust I'm looking at now has $1 of interest on line 13 (and on line 1 of the 1041 so it's not like there was ever more than a dollar of interest in the return) but line 14 is calculating as $77. I've had to override these on every return I've done.
Anyone know how to fix this?
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