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Allocate net income for pooled income funds by ownership share
You can allocate net income for pooled income funds by the following methods:
- Ownership share.
- Percentages or amounts.
- To allocate by ownership share:
- Go to theAllocatescreen.
- Enter a code inPooled income funds: Allocate based on ownership shareto allocate ordinary income or capital gains based on a percentage of ownership.
- Go toView,Beneficiary Information, then theFederaltab.
- Enter a percent inOwnership sharefor each beneficiary.
One-hundred percent of the income is distributed based on the ownership share entered for 1 beneficiary divided by the sum of the ownership share entered for all beneficiaries.
note
- A statement is prepared for Form 1041, Page 1, line 18, for the detail calculation of the distribution deduction. You can go to theAllocatescreen and use the statement window forComputation of income distribution deductionto enter your own calculation.
- If you're allocating only ordinary income usingOwnership share(code 1), capital gains will remain at the fund level, unless allocated to beneficiaries on this screen (equally) or in theBeneficiary information.
- If you're allocating only ordinary income usingOwnership share(code 1) on a final return and there's no allocation entered for capital gains, then by default, capital gains will allocate using ownership share.