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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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.
Qualified Dividends and Long term capital gains?
Deductible expenses greater than or equal to income?
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.
" I get the feeling that 1041 issues are not as straightforward as 1040 issues. "
That is true.
Thanks for your replies.
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.
You're welcome.
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