Form 1041 decedents estate

Forum|Forum|4 years ago
February 25, 2022
2 replies
14 views

Decedent estate return with nothing other than bond redemption interest of $140K taxable income. Proseries calculates the tax as $55K. There is no supporting calculation for the tax in the program, when I looked at government tables, I calculated the tax to be approx. $27K. Can someone please help me figure out where I can get the details behind how proseries calculates the $55K and how to make sure this is being calculated using the correct tax table.

ProSeries Professional

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Best answer by jeffmcpa2010

Real quick I come up with a little over 50,000

140000-13050 = 126950 x .37 = 46971 + 3146 (for the 0 -13050amount) = 50117

Not sure how you are getting around 27K

J

jeffmcpa2010Answer

Level 10

Real quick I come up with a little over 50,000

140000-13050 = 126950 x .37 = 46971 + 3146 (for the 0 -13050amount) = 50117

Not sure how you are getting around 27K

G

gabjo00Author

Level 4

Thank you so much. I was looking at something outdated and having a melt down. Also I wasted 2 hrs on this this meltdown...welcome to tax season. Thank you for setting me straight.

J

jeffmcpa2010

Level 10

I do have a question though.

Was this interest on Bond's - (Ordinary Income) ? or

Redemption (IE treated as Sale) of Bonds which would be capital gain ?