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Allocate Trust Income - fixed amounts to beneficiaries

SOLVEDby IntuitUpdated February 27, 2023

Use the Allocation worksheet to indicate how the trust allocates income to beneficiaries. If the trust is claiming expenses at line 41 of the return, apply the expenses to specific types of income before allocating income to the beneficiaries. The trust gets a deduction at line 47 on the T3 jacket for income that is allocated to the beneficiaries.

Some of the trust income may be taxed in the trust. Specify for each type of income the amount that the trust will retain. ProFile shows the remaining income as the amount to be allocated to the beneficiaries.

On the Allocation form, you may also need to enter certain T3 slip amounts, like a retiring allowance, death benefit, or foreign business income.

To allocate fixed amounts to beneficiaries:

  1. Open the Allocation worksheet.
  2. Select the option allow allocation by fixed amounts at the top of the form.
  3. Open the Beneficiary worksheet and create a beneficiary.
  4. Select Allocate beneficiary by fixed amount?
  5. Enter an amount in the Fixed income to allocate field.

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