In Home and Business I can process 1099-R using a form which has all of the boxes that are found on the 1099-R. It moves the inputs into the proper places on the tax forms.
I need to use "Business" to create the 1041 for my father's trust but it does not have the capability to process a 1099-R properly. The "other income or loss" has just 2 boxes and does not indicate what is supposed to be in the two boxes.
There will be no way to indicate taxes taken for federal or state, what amount is gross and what amount is taxable, etc.
This is 4/14/2019. You would think that, the day before taxes are due, the software would be functioning properly.
Click the Federal Taxes tab, click Income, click the Start button to the right of Other income or loss (see the first two screenshots), and note that there are four boxes. However, you will only need one to report the ordinary income from your 1099-R.
To enter the withholding, use Forms Mode (click the Forms icon in the upper right side of the screen). In Forms Mode, open Form 1041, enter the federal income tax withheld on Line 25e, and check the 1099 box (see third screenshot).
If state taxes were withheld, then you simply enter the figure as Taxes located in the Expenses, taxes, and fees subheading, in the Deductions section under the Federal Taxes tab.
Click the Federal Taxes tab, click Income, click the Start button to the right of Other income or loss (see the first two screenshots), and note that there are four boxes. However, you will only need one to report the ordinary income from your 1099-R.
To enter the withholding, use Forms Mode (click the Forms icon in the upper right side of the screen). In Forms Mode, open Form 1041, enter the federal income tax withheld on Line 25e, and check the 1099 box (see third screenshot).
If state taxes were withheld, then you simply enter the figure as Taxes located in the Expenses, taxes, and fees subheading, in the Deductions section under the Federal Taxes tab.
Line 25e feeds from (Tax Payments Worksheet Part II - 1a) which feeds from (Int-Div Worksheet Part II Box 4 Fed Inc Tax). I cannot just change the taxes paid number on Line 25e.