The Schedule K-1 (Form 1041) Total Allocations Worksheet is a summary schedule of all the beneficiaries’ share of income, credits, deductions, etc. The estate or trust issues a Schedule K-1 to each beneficiary to report their share of the estate or trust’s Schedule K-1 Total Allocation income and deductions. TaxAct uses this worksheet to compute each line on the beneficiary’s Schedule K-1.

The amounts on the total allocations worksheet are distributed to each beneficiary’s Schedule K-1 based on the information entered in the Beneficiary Distribution section of the Schedule K-1. You can complete the Beneficiary Distribution section on the Schedule K-1 in the Distribution section under Federal.

Related Links

Schedule K-1 (Form 1041) – Entering in Program

Schedule K-1 (Form 1041) – Importing and Exporting TaxAct Returns Only