The Distribution Worksheet in Ultimate Tax is used to specify amounts that should carry to Schedule K-1. This worksheet can be obtained either directly from the Forms List, or by linking from the Printed column of Sch K-1.
If estate/trust distributions are based on a percentage going to each beneficiary, use this worksheet. After filling out the worksheet, fill out a K-1 for each beneficiary, entering the appropriate percentage for each. Ultimate Tax calculates the amounts to be distributed based on the percentage entered.
If distributions are not based on percentages, go directly to Sch K-1.
If distributions are based on percentages, except for adjustments needed on some items, fill out the Distribution Worksheet first, then go to Sch K-1, enter the percentage and make the adjustments.
A worksheet is available at the top of the form if some deductions are directly attributable to a specific income category.
This information applies to all years of the UltimateTax software.