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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- ESBT Issue with multiple states and non-ESBT income
ESBT Issue with multiple states and non-ESBT income
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Nilguhm
Level 1
06-05-2023
12:55 PM
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I am trying to prepare a 1041. The trust owns shares of an s corp that made an ESBT election.
The income from the ESBT is from a different state than the resident state of the trust. The resident state has additional investment income. I cannot seem to get the correct state income for each state. Plus, the K-1 income from the s corp is being counted twice on the federal return when I switch to a complex trust type return.
Anyone have any solutions or workarounds?
Thanks.
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4 Comments 4
sjrcpa
Level 15
06-05-2023
02:40 PM
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I think you have to do two 1041s in Lacerte - one for the ESBT part and one for the complex trust part. Then mush them together using overrides to get the total tax. Then paper file after you insert all of the correct pages..
The more I know, the more I don't know.
Nilguhm
Level 1
06-05-2023
04:36 PM
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I will give that a try.
Thanks.
TaxGirl3
Level 5
06-07-2023
09:27 AM
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See Lacerte instructions here: https://proconnect.intuit.com/support/en-us/help-article/federal-taxes/electing-small-business-trust...
States can have very different tax schemes when it comes to ESBTs and you may need more than 2 files (I have a 1041 with a federal file 'S-Portion', a federal file to incorporate the ESBT tax and non-ESBT items, and a separate state file).
