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Claim the Exemption on a Final Year Estate on Form 1041 in Lacerte
by Intuit• Updated 4 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.
There is an option to allow (or suppress) this exemption on final year estates or trusts.
- Go to the Settings menu.
- Choose Options.
- Select the Tax Return tab.
- Go to the Federal Tax Options section.
- Set the Exemption on Final Year Return option to Yes.
The exemption amount can also be overridden.
- Go to Screen 33, Miscellaneous Deductions and NOL.
- Enter the amount in Exemption [O].
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