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ON A 1041 FORM IS THE TAX FIGURED ON ADJUSTED TOTAL INCOME…

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STEPHANIE, ON A 1041...

STEPHANIE, ON A 1041 FORM IS THE TAX FIGURED ON ADJUSTED TOTAL INCOME MINUS THE 4050 EXEMPTION?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

IS THERE A TAX TABLE FOR A 1041 ESTATE TAX FORM?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

MY CLIENT'S MOM DIED, HER OTHER INCOME CAME FROM A PENSION 7500, DEDUCTABLE EXPENSES WERE 1108, ADJUSTED TOTAL INCOME 6392, EXEMPTION 4050, LEAVING A DIFFERENCE OF 2342, SHE PAID 373 IN TAXES ON A 1099, HOW IS THE TAX FIGURED?

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

OK

Submitted: 7 months ago.Category: Tax
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Customer reply replied 7 months ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
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Customer reply replied 7 months ago
Jim Bond
Customer reply replied 7 months ago
Stephanie, the web page you sent via phone was long and directed me to a mortgage person
Answered in 14 minutes by:
7/13/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,541
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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An estate doesn't get the 4050 personal exemption.You'll have to file a 1041 ifThe estate had gross income for the tax year of $600 or more, orThe estate had one or more beneficiaries who are nonresident aliens.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago
The following items reduce estate taxable income:A $600 exemption.
Distributions you are required to make to beneficiaries (but not discretionary distributions).
Executor’s fees, if the estate pays you for your services. You report the amount you receive on your tax return.
Professional fees, including amounts you pay to attorneys, accountants, and tax preparers.
Administrative expenses, such as court filing fees.
Miscellaneous deductions to the extent they exceed two percent of the estate’s adjusted gross income. Miscellaneous deductions for an estate include investment advice, safe deposit box rentals, office supplies, postage, and travel expenses.
Do not deduct the deceased person’s medical or funeral expenses on Form 1041.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago
the estate has its own tax table, (same as trusts) ... bear with me and I'll get that for you
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago
Trusts and estates (other than bankruptcy estates) do not get a standard deduction.
These trusts and estates get an exemption, but only $100, $300, or $600, compared with the personal and dependency exemptions available to individual taxpayers (and bankruptcy estates) of $4,050 in 2017.
Trusts and estates do get a deduction for trust income distributed to the beneficiaries, which is computed based on the actual distribution amount, distributable net income (DNI), and net accounting income (the latter two concepts are unique to trusts and estates and rely on an understanding of fiduciary accounting).
Trusts and estates do have the same progressive tax rates as individuals, with the exception of the lowest 10% rate bracket, which exists only for individual taxpayers. However, compared with those of individual taxpayers, the tax brackets are very compressed, with the highest marginal tax rate of 39.6% starting at $12,500 in taxable income for 2017.
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago
Sorry .,. The formatting didn't transfer well there
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago

Jim, do you still need a call?

...

Lane

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Lane, JD, CFP, MBA, CRPS
Category: Tax
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