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In TaxAct, the Total Allocations of Income, Deductions and Credits Worksheet shows the total amounts allocated to each line on the Schedule K-1 (Form 1041) Beneficiary’s Share of Income, Deductions, Credits, etc., similar to how the Schedule K summarizes the Schedule K-1 amounts on a Partnership or S Corporation return. TaxAct® uses this worksheet to compute each line on the beneficiary's Schedule K-1.

The amounts on the total allocations worksheet are distributed to each beneficiary's Schedule K-1 based on the information entered in the Beneficiary Distribution section of the Schedule K-1. You can complete the Beneficiary Distribution section on the Schedule K-1 in the Distribution section under Federal.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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