1041 ballpark tax

ichidtlb · ‎March 9, 2020

I'm filing my first 1041. Would somebody tell me if I'm in the ballpark? Taxable income is $46883 and the tax from Schedule G is $15660.

tagteam · ‎March 9, 2020

@ichidtlb wrote:

I'm filing my first 1041. Would somebody tell me if I'm in the ballpark? Taxable income is $46883 and the tax from Schedule G is $15660.

Are you using TurboTax Business?

Regardless, the type of income makes a difference (e.g., qualified dividends, long-term gain, etc.). However, with the simple input of that amount (as all taxable interest), TurboTax is returning $15,705 plus $1,297 of NIIT (net investment income tax).

View solution in original post

ichidtlb · ‎March 10, 2020

Thank you. I thought I might be doing something grossly wrong, but it looks OK. It sure doesn't pay to be dead.

I have trouble with Turbo Tax so I still file on paper. My friend swears by it, but I just get lost. I am sure the IRS prefers it. Every year I try it after I file because I would like to get on board.

1041 ballpark tax

After you file

After you file