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Claim the Exemption on a Final Year Estate on Form 1041 in ProConnect Tax

by Intuit Updated 8 months ago

The exemption (1041 line 21) isn't generating for a final year trust or estate. (See Form 1041 instructions for Line 21 for the appropriate amounts). As a matter of presentation, the exemption isn't desired on a final year return. For instance, if all income/loss is distributed (as it usually is in a final year), the exemption results in a loss showing on Form 1041, even though all losses are distributed.

The exemption amount can be overridden:

  1. From the Input Return tab, go to Deductions Misc. Deductions & NOL -> Federal Miscellaneous Deductions & NOL. 
  2. Enter the amount in Exemption [O].
ProConnect Tax

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