Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

1041 distributions and gains are not carrying to Beneficiary's K-1? What step am I missing?

LizPS
Level 4

2020 Form 1041

LizPS_0-1646599967200.png

 

$6598 Dividends ends up on Beneficiary line then a k-1 is generated:

LizPS_1-1646599967215.png

 

In 2021 the $8095 Qualified dividends

LizPS_2-1646599967227.png

 

End up in Estate/Trust line and does not carry to K-1?

LizPS_3-1646599967238.png

 

0 Cheers
6 Comments 6
Accountant-Man
Level 13

Any distributions?

** I'm still a champion... of the world! Even without The Lounge.
sjrcpa
Level 15

Estate or trust?

If trust, simple or complex?

Is overall taxable income negative?

The more I know, the more I don't know.
LizPS
Level 4

Both are Trusts with living beneficiaries.   One beneficiary per Trust.

Both are Complex Trusts.

Both have overall gains & distributions that should be passed along to Beneficiaries on K-1.

0 Cheers
Accountant-Man
Level 13

It depends on the terms of the Trusts. They are Complex Trusts, so what do the terms say?

Distribute all income?

Distribute all gains or some gains?

Distribute for all needs, including Health and Welfare?

** I'm still a champion... of the world! Even without The Lounge.
0 Cheers
LizPS
Level 4

I still have to wonder if I'm missing something that changed in the 2021 software.  I have 2 Trust clients, completely unrelated and having the same issue on both.

Dividends & Cap Gains were reflected on 2019 K-1:

LizPS_0-1646693712944.png

 

In 2020 the dividends are present on K-1 but there was a net capital loss, so loss not reflected:

LizPS_1-1646693712961.png

LizPS_2-1646693712982.png

 

LizPS_3-1646693712994.png

In 2021 I can’t get the distributable amount to the K-1 because the “100% is showing on estate” and it should be on Beneficiary, how do I change in ProSeries?

 

 

0 Cheers
LizPS
Level 4

Any thoughts anyone or should I call support?

Liz

0 Cheers