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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,
- 1041 line 23, taxable income is 10,764
- Schedule G, line 1a, tax is 1,217
For Trust 2,
- 1041 line 23, taxable income is 10,665
- 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.
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‎June 25, 2020
1:32 AM