Enter other allocations for beneficiaries (1041)
Complete these steps to allocate all other types of allocations, like the ones listed in the table below, using a single set of percentages.
- Click the Beneficiaries tab in a 1041 project and enter beneficiary information if you haven't already.
- Click Other Allocations on the left.
- Highlight a beneficiary and click Edit.
- Enter percentages in the Edit: Other Allocations panel.
- Click Save.
The following table provides information about specific fields in the Edit: Other Allocations panel.
Field | Entry | Notes |
---|---|---|
Depreciation/Amortization | Enter a percentage to directly allocate depreciation and amortization to the beneficiary. | Onvio Tax calculates these amounts and then reports them on the beneficiary's Schedule K-1, box 9, instead of on Schedules C, E, and F and Form 4562. |
Depletion | Enter a percentage to directly allocate depletion to the beneficiary. | Onvio Tax allocates the depletion to the beneficiary on Schedule K-1, box 9, instead of on Schedules C and E. |
Credits/Estate tax/Foreign Tax Credit | Enter percentages in these fields to allocate any current-year business credits, foreign credits, and estate tax deductions to the beneficiary. |
If you leave these fields blank and do not mark the First tier beneficiaries: Allocate all items, except capital gains, equally field on the Allocate screen, the following happens.
|
Withheld Income Taxes/Backup Withholding | Enter percentages in these fields to allocate income taxes/backup witholding to the beneficiary. |
Onvio Tax allocates the information you enter in the Section 3406 backup withholding allocated to beneficiaries field on the Allocate screen in the Allocation folder on the Data Entry tab up to the amount of witholding you enter in the following locations.
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