When preparing a simple trust, I have 2 beneficiaries sharing 50/50. One of the beneficiaries wants their K1 but wants to leave the other 1/2 in the trust- not giving a K1 to the other beneficiary. so obviously ProSeries is telling me the general allocation % is not 100%. how do i correct this so i can electronically file as well as only issue 1 K1?
Copied from my best friend Google - Simple trusts must distribute all income annually, cannot distribute principal, and cannot donate to charity, acting as a strict income pass-through. Complex trusts offer flexibility, allowing income accumulation, principal distributions, and charitable contributions.
Unless there is a provision I am not aware of, the other beneficiary cannot do what he/she wants.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
