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Beneficiaries

Amounts not carrying to Schedule K-1

Any of these items could be the reason why amounts aren't carrying to Schedule K-1 for the beneficiaries.
  • Make sure the income distribution information's been completed on both the
    Organizer
    ,
    Beneficiary Info (1041)
    ,
    Beneficiary Data
    ,
    Distribution Input - Totals
     screen as well as the
    Beneficiary Information
    ,
    General Beneficiary Information
     screen.
  • Make sure there's both positive DNI (distributive net income) on Schedule B, line 7 (Form 1041, Page 2) and distributions on Schedule B, line 11.
  • Make sure there's positive taxable ordinary income available to be distributed. Do this by subtracting Form 1041, Page 1, line 4 (capital gains) from Form 1041, Page 1, line 17 (adjusted total income). If the result's positive and ordinary income distributions are being made to this particular beneficiary, then Schedule K-1, lines 1, 2, 5, and/or 6 should have a value. If negative, then Schedule K-1, lines 1, 2, 5, and 6 will be left blank (if final year, excess deductions line will have value).
  • Make sure that no severe diagnostics have been generated relating to beneficiary allocations.
  • And lastly, make sure you don't override beneficiary K-1 amounts.

This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1041 Fiduciary
  • Subject: Beneficiaries
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