Schedule K-1 (Form 1041) - Allocation of Distributive Share Items

In TaxAct, the Total Allocations of Income, Deductions and Credits Worksheet shows the total amounts allocated to each line on Schedule K-1 (Form 1041) Beneficiary’s Share of Income, Deductions, Credits, etc., similar to how 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.

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