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1041 Complex trust
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kgalland
Level 4
06-30-2022
11:48 AM
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I don't remember having this issue in the past. I have a complex trust that made distributions of income but not 100%. Proseries will not allow me to show 100% of the income to the beneficiary on Sch K-1 unless I check the box for simple trust. Is this correct or did something change?
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kgalland
Level 4
06-30-2022
01:14 PM
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The trust is to distribute 100% of income but since it can also distribute corpus it does not qualify as a simple trust. Income was not determined until the partnership K-1 was completed so not 100% was distributed in 2021. I forgot about the 663b election so that will solve my problem! I don't do many trust returns anymore. There have been so many changes to Proseries in the last 2 years that we are not told about and it is hard to find the input areas for some of the changes.
