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I am trying to understand where, if anywhere, distribution
I am trying to understand where, if anywhere, distribution of principal from a complex trust is reported. Does it go on line 10 of schedule B, or is that line only for distributions of capital gains a… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,911 satisfied customers
I've read you can choose to file the 1041 on a fiscal year
I've read you can choose to file the 1041 on a fiscal year rather than calendar year basis. Is this related to the 645 election?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,113 satisfied customers
I am doing the 1041 for a simple trust.. Each year the trust
I am doing the 1041 for a simple trust.. Each year the trust does not pay taxes as the beneficiaries are given a K-1 to put in with their taxes..it says enter the portion of your short-term capital ga… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,911 satisfied customers
To clarify you are saying this is not considered a pecuniary
Thank you for your response., To clarify you are saying this is not considered a pecuniary bequest to this particular beneficary and it should be included in DNI on the Form 1041 because of the wordin… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,113 satisfied customers
I have 3 questions in the area of fiduciary 1041 income tax
I have 3 questions in the area of fiduciary 1041 income tax returns … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,113 satisfied customers
Lane, Working on a 1041 (Estate) and it has 8,766 of rental
Lane,Working on a 1041 (Estate) and it has 8,766 of rental income. What is the minimum required distribution is it 2%?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,911 satisfied customers
I need an expert in trust law who can tell me what losses in
I need an expert in trust law who can tell me what losses in the last year of a trust flow out to which beneficiaries … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,911 satisfied customers
I have a client whose husband's assets were put into a trust
I have a client whose husband's assets were put into a trust when he passed away. She was the trustee. She has now passed away. The trust has in the past paid it's own taxes on gains/earnings/etc and … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,911 satisfied customers
Lane, I have a question, my client has a land trust in
Hello Lane,I have a question, my client has a land trust in florida and she sold a property and the trust is saying we owed a capital gain of 5K but when i see the K1 is in blank. is that normal for h… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,911 satisfied customers
A complex trust has $90k in cash put in by the founder of
a complex trust has $90k in cash put in by the founder of the trust, during 2016 the earnings were $550. The 90k was distributed to the beneficiaries, is any of the distribution taxable? Gift Tax?… read more
PDtax
PDtax
Owner
Master's Degree
5,215 satisfied customers
I have a house that is in my deceased wife's trust. If we sell
I have a house that is in my deceased wife's trust. If we sell the house but keep the money in the trust, do we have to pay capital gain tax at the time o0f the sale?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,911 satisfied customers
The instructions for K-1 say do not include a short term loss
The instructions for K-1 say do not include a short term loss on Line 3. What do I do with it? Is it not part of DNI?. I want to distribute all of DNI to the heirs. Is there some place on Form 1041 th… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,113 satisfied customers
Form 1041 issue. The trust is from a decedents estate, this
Form 1041 issue. The trust is from a decedent's estate, this is the initial 1041. The Trust is comprised of an S-corp., $165,000 in trust cash, $900,000 of IRA's, 2 personal residences, and a boat. Th… read more
socrateaser
socrateaser
1,516 satisfied customers
Two questions regarding 1041 returns: Do you just lose $3,000
Two questions regarding 1041 returns: Do you just lose $3,000 of the capital loss carryover each year if you distribute all the income? We have advisory fees (a 2% AGI deduction). The 8960 form is sho… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,425 satisfied customers
This is a revision of a previous question. I am the trustee
This is a revision of a previous question. I am the trustee of a NY State complex trust. The 1041 tax return requires calculation of the trust accounting income and DNI, which may be different. Apart … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,911 satisfied customers
form 1041 & K-1 reporting. Line 9 total income is $5,363
form 1041 & K-1 reporting. Line 9 total income is $5,363 which includes a capital loss of $836. Deductions of $82 - Adjusted total income of $5,281 on line 17 When I add the capital loss back on Sched… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
COMPLEX TRUST HAS $400 DIV, $11,000 CAP LOSS, $2,500 ITEM DED.
COMPLEX TRUST HAS $400 DIV, $11,000 CAP LOSS, $2,500 ITEM DED. DISTRIBUTIONS WERE $2,000. WOULD THERE BE A D.N.I DEDUCTION AND HOW DO I ALLOCATE THE INCOME ITEMS TO THE BENEFICIARIES WHEN I HAVE A NET… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,425 satisfied customers
re income from an estate. Form 1041 sch. b line 10 amount
re: income from an estate. Form 1041 sch. b line 10 amount is$ 30 thou. Proportionate share of DNI is only $8 thou. What amount does the beneficiary include as income? Instructions for sch. K-1 seem t… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
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