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Level 1
posted Apr 10, 2020 3:06:02 PM

Form 1041 Fiduciary Fees Deduction?

I'm filling out a 1041 Form. My attorney itemized several fees in addition to his fees that he paid. Such as Court costs, Personal Representative's Bond, etc. Can I include these in the "Professional, accounting, and tax prep fees" section under Deductions?

 

And, I'm also not seeing much guidance on what to do with "Taxable income only" versus "Tax-exempt income only". Or how I would know.

 

The IRS publication 559 is pretty useless on helping with these two items.

 

Thanks in advance,

 

Randy

0 2 2590
1 Best answer
Level 15
Apr 10, 2020 9:03:05 PM

2 Replies
Level 15
Apr 10, 2020 9:03:05 PM

Level 3
Apr 23, 2022 1:00:43 PM

So for all fees (fiduciary, legal, accounting) you select "both" for taxable and/or tax exempt .  This places the amount in the third column of the deduction allocation worksheet for 1041.  It does not appear to affect the amount used for deduction.