Estate 1041 exemption question

[dandeliondandelion]

Estate 1041 - Is the $600 exemption taken once for an estate or can it be taken each year an estate return is filed? I am in year 2 and took the $600 exemption last year when filed 1041.  If this is not the final tax return, can $600 exemption be taken again?

[Anonymous_]

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@dandeliondandelion wrote:

If this is not the final tax return, can $600 exemption be taken again?

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Yes. The exemption is available for each estate income tax return filed (typically on an annual basis) per Treas. Reg. §1.642(b)-1(a).

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000286157

[dandeliondandelion]

Thank you!

[graymylynn]

I'm having difficulty determining where to enter the allowable $600 exemption (form 1041, line 21) into the software. Please explain.  Thank you.

[Anonymous_]

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@graymylynn wrote:

I'm having difficulty determining where to enter the allowable $600 exemption (form 1041, line 21) into the software. Please explain. 

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You do not enter the exemption into the software; the software does that automatically if you indicated that the return is for an estate.

[Anonymous_]

@graymylynn 

Are you using TurboTax Business?

[Matilda]

Just to confirm - you do not get the $600 exemption for the final return?  I am not getting it this time.