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D
dlj72
Level 1
January 6, 2023
Question

1041

  • January 6, 2023
  • 1 reply
  • 4 views

How do I allocate capital gains to the beneficiaries and include in DNI?  I want it to show up in Schedule D, Line 18a, column 1.

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1 reply

BobKamman
BobKamman
Level 15
January 6, 2023

First make sure the trust allows that.  The default is usually allocation to the trust -- and unlike ordinary income, that often does not result in a higher amount of tax owed.  

I don't have the program open right now but there's a place on the 1041 Schedule D input page for switching allocation to beneficiaries, if that's what the law requires.  

    IRonMaN
    IRonMaN
    Level 15
    January 6, 2023

    But I was under the impression that you used ProSeries instead of Lacerte 😉

    Slava Ukraini!
      BobKamman
      BobKamman
      Level 15
      January 6, 2023

      @IRonMaN  Seen one program, seen them all.  But maybe not.  I get the impression Lacerte tries to make things harder because they think their users aren't as smart. 

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