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Type of entity | Form | Beneficiary allocation |
---|---|---|
Decedent's estate | 1041 or 1040NR, exemption $600 | No default allocation on Schedule K-1 |
Simple trust (default) | 1041 or 1040NR, exemption $300 | 100% of the lesser of net accounting income or distributable net income allocated on Schedule K-1 |
Simple trust distributing corpus (Complex 300) | 1041 or 1040NR prepared as a complex trust, exemption $300 | No default allocation on Schedule K-1 |
Complex trust | 1041 or 1040NR, exemption $100 | No default allocation on Schedule K-1 |
Qualified disability trust | 1041 or 1040NR, exemption $4,050 | No default allocation on Schedule K-1 |
ESBT (Return has only S Corporation income) | 1041, no exemption | No distribution to beneficiaries |
ESBT (Return has non-S Corporation income) | 1041 prepared as a complex trust | No default allocation of non-S Corporation portion on Schedule K-1 |
Qualified Subchapter S trust | 1041 prepared as a simple / grantor trust, exemption $300 | Allocated only to first beneficiary; 100% of the lesser of net accounting income or distributable net income of the non-S Corporation portion allocated on Schedule K-1; 100% of S Corporation portion on Grantor / Agency Report |
Grantor trust | 1041, no exemption | 100% allocated on Grantor / Agency Report |
Agency relationship | N/A | 100% allocated on Grantor / Agency Report |
Partial grantor trust (also includes Crummey Trusts, 5 x 5 Trusts, etc.) | 1041 prepared as a complex / grantor trust, exemption $100 | No default allocation of income entered for Form 1041 on Schedule K-1; 100% of income entered in View > Beneficiary Information > Partial Grantor allocated to beneficiary selected on Grantor / Agency Report. |
Bankruptcy estate - chapter 7 | 1041 prepared as a cover page for Form 1040 | N/A |
Bankruptcy estate - chapter 11 | 1041 prepared as a cover page for Form 1040 | N/A |
Pooled income fund | Both 1041 and 5227 prepared | No default allocation on Schedule K-1 |
Qualified funeral trust | 1041-QFT prepared with tax calculated per owner | N/A |
Code | Form | Beneficiary allocation |
---|---|---|
1 | 1041 and 5227 | If this is a grantor trust, the beneficiary information prints on the Grantor / Agency Report; otherwise the beneficiary information prints on Schedule K-1. |
2 | 5227 | The beneficiary information prints on Schedule K-1 based on income ordering rules. |
3 | 5227 | The beneficiary information prints on Schedule K-1 based on income ordering rules. |
5 | 1041 and 5227 | If this a grantor trust, the beneficiary information prints on the Grantor / Agency Report; otherwise the beneficiary information prints on Schedule K-1. |