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georgia-elliott7
New Member

Deductions for state taxes on Trust? is this the State tax paid for 2014?

On IRS tax return 1041, state taxes are deductible.  Is this the total amount of state taxes for 2014 that is deductible?
1 Reply
ScruffyCurmudgeon
Level 7

Deductions for state taxes on Trust? is this the State tax paid for 2014?

You are allowed to deduct State Income taxes on your Federal Form 1041 for the Trust in the year in which those tax payments were made.  Unless you are filing a "fiscal year" return that included some portion of 2014, your filing now for 2015 cannot include payments made in 2014.

Note that any state-level Estate or Inheritance taxes are not deductible on Federal Income tax filing.

Scruffy Curmudgeon--PFFM/ IAFF, Locals 718/30, retired firefighter/medic; univ faculty NOT INTUIT EMPLOYEE
- Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 - O3
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