ESTIMATED TAXES FOR FISCAL YEAR ESTATE FORM 1041

[harveyburger]

I have a fiscal year 1041 for the FYE 6/30/24 that has anticipated income for FYE 6/30/25 that has taxable income of excess of 100K and some net investment income.  The program is not populating any 1041 ES but is computing only the net investment income tax on a separate worksheet but is not computing the income tax.  There are no deductions for any of the taxable income to be distributed.

I have spent over 2 hours on the phone with Lacerte agents who offered no explanation why the 1041 ES is working for a calendar year but not a fiscal year.

Any help would be sincerely appreciated.

Thanks.

Harvey

[sjrcpa]

How about just overriding the vouchers to what they should be?

This will cut off the frustration. I don't know why it is not working.

[IRonMaN]

Two hours of someone's life wasted with support when a simple override would take care of the issue.  I certainly would vote for override on this one.

[OldKSFarmBoy]

Just curious, does the estate have to pay estimated income tax?  Normally, estates are not required to pay estimated taxes the first two years in existence (estates, not trusts).

[harveyburger]

Thanks.  I had forgotten about this.  I would have thought that a pro firm like Lacerte would have allowed for a note or other alert by the agents that there was no liability.

EXCELLENT AND OUTSTANDING.  IN CAPS FOR EMPHASIS. 

THANKS

h

[harveyburger]

There is no liability for the first two years ending before the decedent's date of death.

[harveyburger]

There was no option to override.  There is an exception that no taxes are due for the period ending before 2 years after the decedent's date of death.

[sjrcpa]

"There is no liability for the first two years ending before the decedent's date of death."

Rephrase: There is no obligation to make estimated tax payments for two years after the decedent's death.

There may very well be a tax liability. And the estate may want to make estimated tax payments. State especially if they can deduct them.