Enter allocation information for beneficiaries (1041)

Complete these steps to allocate net income, credits, and other items of the estate or trust to the beneficiaries.

  1. Click the Beneficiaries tab in a 1041 project and enter beneficiary information if you haven't already.
  2. Click Allocations, Other Allocations, or Special Allocations on the left.
  3. Highlight a beneficiary, and click Edit to enter information in the panel.
  4. Click Save.

You can allocate income using amounts, percentages, or a combination of both.

  • For grantor trusts and agency relationships, only use the percentage fields.
  • For estates and non-grantor trusts for which you enter both amounts and percentages, Onvio Tax will allocate amounts first and then apply percentages to the remaining unallocated income. 
  • For simple trusts, grantor trusts, and agency relationships, percentages that you enter in each category must total 100.

Note: If the allocation fields are blank for all beneficiaries, Onvio Tax will allocate the income types equally among all first tier beneficiaries for simple trusts, grantor trusts, agency relationships, and all final returns. If this is the desired outcome, enter X the First tier beneficiaries: Allocate all items, except capital gains, equally field on the Allocate screen in the Allocation folder to improve processing speed.


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