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Get your taxes done using TurboTax
Interesting! Perhaps you've answered my question. My 1041 has a very large NOL (passed on from Grantor/Parent Trust in 2020) that wipes out the Total Income earned by my trust. There has been a NOL balance carried forward to years 2021 and 2022 and will continue to be carried forward until approximately 2027 when it is fully used up. Maybe the $427 didn't actually offset the Trust Income back in 2020 because the NOL offset the income first. I'll check into that. Thank you.
‎September 5, 2023
8:36 PM