How do I get TurboTax to allocate fiduciary return deductions where there is non-taxable income
I am completing a fiduciary tax return form 1041 for an irrevocable trust. How do I get TurboTax to do the allocation of expenses between taxable and non-taxable income? Is there a box I need to click?
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1 Best answer
Anonymous_
Level 15
Mar 25, 2023 6:53:04 AM
The program can allocate almost all typical expenses between taxable and non-taxable income. Simply enter the figures in the appropriate boxes.
3 Replies
Anonymous_
Level 15
Mar 25, 2023 6:53:04 AM
The program can allocate almost all typical expenses between taxable and non-taxable income. Simply enter the figures in the appropriate boxes.
LlFf
Level 2
Mar 25, 2023 8:29:28 AM
Thank you tagteam. That is very helpful. Is it okay to put the state tax deduction there? I am trying to allocate my state tax deduction.