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wpstull
New Member

How do I elect the qualified revocable trust rule for form 1041 in TurboTax for Business in order to eliminate the calculation of an underpayment penalty?

The rule allows a trust, which is the recipient, of a decedents estate to avoid payment of estimated taxes for two years following the date of death.

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tagteam
Level 15

How do I elect the qualified revocable trust rule for form 1041 in TurboTax for Business in order to eliminate the calculation of an underpayment penalty?

"How do I elect the qualified revocable trust rule for form 1041..."

To make a Section 645 election, complete Form 8855 in Forms Mode. 

Enter Forms Mode (click the Forms icon in the upper right side of the screen), click Open Form, scroll down the list of forms and highlight Form 8855, click the Open Form button (see screenshot).

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tagteam
Level 15

How do I elect the qualified revocable trust rule for form 1041 in TurboTax for Business in order to eliminate the calculation of an underpayment penalty?

"How do I elect the qualified revocable trust rule for form 1041..."

To make a Section 645 election, complete Form 8855 in Forms Mode. 

Enter Forms Mode (click the Forms icon in the upper right side of the screen), click Open Form, scroll down the list of forms and highlight Form 8855, click the Open Form button (see screenshot).

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