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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.
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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- Re: 1041 Complex trust
1041 Complex trust
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kgalland
Level 4
06-30-2022
11:48 AM
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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?
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kgalland
Level 4
06-30-2022
01:14 PM
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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.
