I'm preparing a return for an Irrevocable Grantor Trust. It is my understanding that Grantor Trusts do not have to pay the 3.8% investment tax, but turbotax business calculates the tax on the investment income of the trust return I'm preparing. Do I just override and show $0??
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Yes, I indicated both Grantor Trust and Complex Trust as the interest, dividend, and capital gains income will not be distributed to beneficiaries. Turbotax did calculated income tax to be paid by the trust as well as the 3.8% investment income tax.
Thanks
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