in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
643082
You'll need to sign in or create an account to connect with an expert.
"In Turbo Tax Business, how is the accounting income calculated for Form 1041?"
I presume you are referring to trust accounting income as shown on the Trust Accounting Income Smart Worksheet on the 1041 in TurboTax Business.
In that event, then generally, the trust accounting income displayed represents all income (including tax-exempt income) less deductions (excluding the trust exemption) plus any capital gain that you have allocated to income in the program (note that capital gain would ordinarily be excluded from the calculation).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
AZ38
Level 1
in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
zakladams
New Member
sslee
New Member
dibbeena1
Level 2
rei4brad
New Member