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C
calamityj
Level 3
October 16, 2022
Solved

Form 1041 Distributions

  • October 16, 2022
  • 1 reply
  • 12 views

I have a 1041 for a complex trust that does NOT require income distribution.  How can I stop the income from flowing to the K-1.

This topic has been closed for replies.
Best answer by Accountant-Man

Either do not enter beneficiary information or enter zero as ownership percentages.

1 reply

BobKamman
BobKamman
Level 15
October 16, 2022

But were there any distributions?  Youi can stop money from flowing to beneficiaries but once that's done, you can't stop it from showing up on the Schedules K-1.

    C
    calamityjAuthor
    Level 3
    October 16, 2022

    Thank you, Bob.  

    It is a complex non grantor trust that doesn't require distributions to beneficiaries.  There was a cash distribution, allowed per the trust, but the income doesn't flow through to the beneficiaries.  The trust needs to pay the taxes on the income (interest and dividends). 

    BobKamman
    BobKamman
    Level 15
    October 16, 2022

    In a perfect world that may be how it should work.  But we all must follow the Internal Revenue Code.  

    Good luck telling the beneficiaries they will have to file amended returns.  

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