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Form 1041 Beneficiary List Error - Doesn't total 100% - Using direct entry method

rckcpa
Level 2

When using direct method, no percentages show up on List of Beneficiaries, so get error message that "beneficiaries' percentages do not equal 100%". Will 1041 e-file with this error? If not, how fix?

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rckcpa
Level 2

Answer is to enter percentages on K-1's, then override amounts on K-1's.

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5 Comments 5
Just-Lisa-Now-
Level 15
Level 15

cant you make them equal 100?  someone may need a fractional percentage more or less than the others to equal 100%


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
rckcpa
Level 2

No percentages populate when using the direct method.

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Just-Lisa-Now-
Level 15
Level 15

someone must be off by a dollar or something somewhere, no?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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rckcpa
Level 2

No. No percentages are listed for any beneficiary.

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rckcpa
Level 2

Answer is to enter percentages on K-1's, then override amounts on K-1's.