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mfriedma
Level 2

Inconsistent calculations of tax in Schedule G, 1A for two almost identical trusts

I am using TurboTax Business 2019 to prepare tax returns for two almost identical complex trusts.

 

For Trust 1, 

  1. 1041 line 23, taxable income is 10,764
  2. Schedule G, line 1a, tax is 1,217

For Trust 2,

  1. 1041 line 23, taxable income is 10,665
  2. Schedule G, line 1a, tax is 2,270

 

This huge difference in tax does not make sense to me.  I cannot see any way to look at how Turbot tax is calculating the value in 1a.

 

Both trusts have almost identical holdings - the differences are just the unavoidable issues from making trades in one trust a few seconds before the other so there is no difference with qualified vs ordinary dividends, etc.

2 Replies
tagteam
Level 15

Inconsistent calculations of tax in Schedule G, 1A for two almost identical trusts

Can you provide additional details regarding the input for the two returns? 

 

I have been unable to reproduce similar results but then the information is scant beyond the difference in calculations that appear on Schedule G.

tagteam
Level 15

Inconsistent calculations of tax in Schedule G, 1A for two almost identical trusts

On the other hand, you might want to contact Support (link below) and discuss this disparity with them directly since you can probably explain the anomaly to an agent more efficiently over the phone.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

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