When will the calculation for 2018 estimated tax on form 1041-es be fixed to account for capital gains tax rates?
I have a trust with dividends and capital gains (sales and distributions) income. Turbo Tax Business carries all of 2017 income into the 2018 1041-es entry. Only the capital gains from 2017 sales are entered as capital gains estimates for 2018. I correct these estimates add the appropriate distribution deduction and look at the calculated tax. Turbo Tax Business doesn't use the Tax Computation Worksheet Using Capital Gains Rates and calculates a tax double what I will owe. Useless! I will continue with my spreadsheet method.
You'll need to sign in or create an account to connect with an expert.
" I will continue with my spreadsheet method."
That would probably be the best approach and I believe you have a legitimate gripe about how the estimated tax is calculated.
It appears as if the program simply uses the tax rate table exclusively and I presume that is because of the compressed tax rates for estates/trusts. Regardless, cap gains rates calculations should at least be a selectable option.
" I will continue with my spreadsheet method."
That would probably be the best approach and I believe you have a legitimate gripe about how the estimated tax is calculated.
It appears as if the program simply uses the tax rate table exclusively and I presume that is because of the compressed tax rates for estates/trusts. Regardless, cap gains rates calculations should at least be a selectable option.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
redmoose
New Member
VAer
Level 4
valleybuy
Level 3
Taxamateur1
Level 1
dsmith48302
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.