Allocate deceased beneficiary items (1041)

Complete these steps to allocate a deceased beneficiary's items by percent between the remaining beneficiaries.

  1. Click the Beneficiaries tab in a 1041 project and enter beneficiary information if you haven't already.
  2. Click Special Allocations on the left.
  3. Highlight the deceased beneficiary and click Edit.
  4. Enter specific amounts of interest, rental, or capital gain that should have been allocated to the deceased beneficiary. Don't enter net income amounts in excess of the amount available for allocation.
  5. Click Save. 
  6. Highlight a beneficiary who will receive the remaining items.
  7. Click Edit to enter specific percentages on the same income type lines that were allocated to the deceased beneficiary (such as interest and rental).
  8. Click Save.
  9. Repeat steps 6 through 9 for the additional beneficiaries.

Note: When you allocate by amount, don't enter amounts greater than the net income available for each income type. If you enter a greater amount than is available, Onvio Tax allocates that amount and then rounds down to the total amount available in all income categories, which may result in unexpected amounts on Schedule K-1.


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