The White House said yesterday that national security adviser Richard V. Allen's future will be decided "based upon the entire situation" after the Justice Department and internal White House reviews of his actions have been concluded.

In answer to reporters' questions whether Allen, who is now on paid leave, will be permitted to resume his duties if he is exonerated of all accusations of wrongdoing, White House communications director David Gergen read a new White House statement:

"No decision will be made in this matter until all the reviews are completed and all the facts are in. The White House counsel's office will conduct a review after the Department of Justice completes its review."

At that time, Gergen added, the decision will be made by President Reagan on the advice of presidential counselor Edwin Meese III, Allen's immediate superior in the White House.

Allen has been found innocent of any wrongdoing by the Justice Department for taking a $1,000 thank-you payment offered to Nancy Reagan for an interview she granted to a Japanese women's magazine on Jan. 21. Allen said he gave the money to a secretary who put it in an office safe and he then forgot about it.

Justice is still investigating errors in Allen's financial disclosure statement and his receipt of two watches from the Japanese interviewers or a Japanese friend serving as their interpreter.

Meese has said he expects that Allen will return to his duties if Justice clears him, but White House chief of staff James A. Baker III, deputy chief of staff Michael K. Deaver and Mrs. Reagan reportedly want Allen ousted for displaying bad judgment even if he violated no laws or regulations.

Republican Party Chairman Richard Richards predicted earlier this week that Allen and Office of Management and Budget Director David A. Stockman would both leave their jobs. Stockman apologized to the president for a series of interviews he gave in which he expressed doubts about some of the fundamental aspects of the Reagan economic program.

Richards told a Republican audience in Cincinnati, "I don't think Allen will be back." A press aide, Jennifer Hillings, confirmed Richards' remarks yesterday, but said they were strictly speculation.