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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Form 1041 Trust Generating AMT
Form 1041 Trust Generating AMT
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tccpg289
Level 4
04-09-2022
06:18 PM
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Trust X has a single beneficiary, Y.
X has income of $130k, consisting of dividends and capital gain distributions.
The distribution deduction is roughly $110k, leaving $20k taxable income at the trust.
In ProSeries, AMT is being generated. I am unsure why, it may be due to the income distribution deduction. I am unable to attach an image but can provide any more information as necessary
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