Form 1041 - Beneficiary's Portion of Total Distributions
1

If the K-1 is blank on your 1041 return, you may need to complete the distributions section of the Q&A.

For Form 1041, Schedule B, Lines 9 through 11, TaxAct calculates these items by totaling the distribution information entered for each beneficiary on the Schedule K-1's (Form 1041).  You must enter the amount of total distributions and income required to be distributed for each beneficiary. TaxAct calculates other amounts required to be distributed by subtracting the required distributions from the total distributions. 

TaxAct uses each beneficiary's portion of total distributions to help allocate income, deductions, and credits to the Schedule K-1.

To enter distribution information into TaxAct for each beneficiary, follow the directions below.

  1. From within your TaxAct® return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Distributions to Beneficiaries  in the Federal Quick Q&A Topics menu to expand the category and then click Distributions
  3. Click Percentages or Specific Amounts to change the distribution amounts

Per IRS Form 1041 Instructions,  Line 9—Income Required To Be Distributed Currently

Line 9 is to be completed by all simple trusts as well as complex trusts and decedent's estates that are required to distribute income currently, whether it is distributed or not. The determination of whether trust income is required to be distributed currently depends on the terms of the governing instrument and the applicable local law.

The line 9 distributions are referred to as first tier distributions and are deductible by the estate or trust to the extent of the DNI. The beneficiary includes such amounts in his or her income to the extent of his or her proportionate share of the DNI.