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Taxable trust income

sjescher
Level 3

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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sjescher
Level 3

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.

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6 Comments 6
sjrcpa
Level 15

Qualified Dividends and Long term capital gains?

Deductible expenses greater than or equal to income?


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sjescher
Level 3

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. 

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sjrcpa
Level 15

" I get the feeling that 1041 issues are not as straightforward as 1040 issues. "

That is true.


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sjescher
Level 3

Thanks for your replies.

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sjescher
Level 3

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.

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sjrcpa
Level 15

You're welcome.


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