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I'm filing a for my step-mom's trust. The trust had $935 income. Proseries shows $0 tax due, but I see no calculation. The 1041 instructions say 10% of taxable income, which would be $93.50. Does anybody know why Proseries says no tax due?
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Qualified Dividends and Long term capital gains?
Deductible expenses greater than or equal to income?
The more I know the more I don’t know.
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Usually Proseries will indicate the form used to back up their figures, like they do for the 1040 program. I thought I would ask the community, just to see if I was missing something. I know I can add an expense (plus the $600 exemption) that would bring taxable trust income to zero, but I don't think those have anything to do with how Proseries arrived at zero.
I won't go into much detail here, but I get the feeling that 1041 issues are not as straightforward as 1040 issues.
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" I get the feeling that 1041 issues are not as straightforward as 1040 issues. "
That is true.
The more I know the more I don’t know.
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Thanks for your replies.
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I had an idea to select "tax due" and click help. Help directed me to schedule D, where I found the Proseries calculation. Since the net was all long-term gain, the tax was zero. If this is what sjrcpa was suggesting, thank you.
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You're welcome.
The more I know the more I don’t know.
