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Income distribution deduction vs distributable share of income
Income distribution deduction
Form IT-541, page 1, line 5, reports the income distribution deduction. The income distribution deduction is the sum of all Louisiana K-1 Equivalents line 1 and line 2 (see note for line 2) minus all the beneficiaries' Line 3 subtractions.
note
Not all changes need to be reported on line 2. For beneficiaries with amounts on line 2, that amount is used in the calculation. If a line 2 amount is blank, UltraTax CS will use the amount that would be on line 2 if it were required to be reported there.
Distributive share of income
The distributive share of Louisiana income to beneficiary is reported on LA Form IT-541, page 8, Schedule C. The income distribution deduction is reported on Form IT-541, page 1, Line 5.
This article applies to:
- Product: UltraTax CS
- Return type: 1041 Fiduciary
- State: Louisiana