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Allocating specific items to a beneficiary or trust in ProConnect Tax

by Intuit•2• Updated 2 years ago

The program handles the dividing of items between beneficiary and fiduciary at the totals level. If the beneficiary percentages total less than 100%, then the remainder of the items will stay at the fiduciary level and the fiduciary will receive parts of everything. You can override amounts on the beneficiary's Schedule K-1, but the difference won't remain at the fiduciary level.

Follow these steps to override amounts on a specific beneficiary's Schedule K-1:

  1. Go to Sch. K-1.
  2. Select Schedule K-1 Overrides/Misc. and choose Federal.
  3. Select the beneficiary using the tabs at the top of the screen..
  4. Complete any applicable fields with the amounts you wish to override.
  5. Repeat steps 2 and 3 for each beneficiary.
    • If you want to change the amounts for the state level, select the specific state from the top left navigation panel, and then repeat steps 2 and 3.
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