K1 errors - do I need to list cash distributions to beneficiaries from checking accounts?

Forum|Forum|2 years ago
February 23, 2024
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TurboTax Business, filing estate return for deceased father. Distributed equal shares to each beneficiary from sale of house, and also made a final distribution of remaining assets left in the estate after paying bills - mostly cash from his bank account. TurboTax didn't ask me to assign percentages but is telling me the beneficiary percentages don't equal 100%. When I look at the form view, there is no way to enter percentages. So I'm not sure if I'm supposed to enter the distributions from the house sale separately from the cash distributions from the bank account. |Am I? Why am I getting an error?

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metchyAuthor

I think there is a bug. If you use TaxAct or any other tax prep software, they ask for a list of beneficiaries and what percentage each is to receive. TurboTax business does NOT ask for this percentage in the step by step interview. Yes, I can go to the K1 form view and fill out the percentage, but why? I bought the software because I didn't want to fill out individual forms. I want to be interviewed, provide the information,and have the software populate the form data. If TT can't fill out this simple form, what else is it missing? How can I trust the tax forms it generates?