Solved: 1041 ballpark tax
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New Member

1041 ballpark tax

I'm filing my first 1041.  Would somebody tell me if I'm in the ballpark?  Taxable income is $46883 and the tax from Schedule G is $15660.

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Level 15

1041 ballpark tax


@ichidtlb wrote:

I'm filing my first 1041.  Would somebody tell me if I'm in the ballpark?  Taxable income is $46883 and the tax from Schedule G is $15660.


Are you using TurboTax Business?

 

Regardless, the type of income makes a difference (e.g., qualified dividends, long-term gain, etc.). However, with the simple input of that amount (as all taxable interest), TurboTax is returning $15,705 plus $1,297 of NIIT (net investment income tax).

 

View solution in original post

2 Replies
Level 15

1041 ballpark tax


@ichidtlb wrote:

I'm filing my first 1041.  Would somebody tell me if I'm in the ballpark?  Taxable income is $46883 and the tax from Schedule G is $15660.


Are you using TurboTax Business?

 

Regardless, the type of income makes a difference (e.g., qualified dividends, long-term gain, etc.). However, with the simple input of that amount (as all taxable interest), TurboTax is returning $15,705 plus $1,297 of NIIT (net investment income tax).

 

View solution in original post

New Member

1041 ballpark tax

Thank you.  I thought I might be doing something grossly wrong, but it looks OK.  It sure doesn't pay to be dead.

 

I have trouble with Turbo Tax so I still file on paper.  My friend swears by it, but I just get lost. I am sure the IRS prefers it.  Every year I try it after I file because I would like to get on board.

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