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Schedle B on trust 1041

Why is there no Schedule B on the Form 1041 I filed for a trust for which I'm the trustee?

 

There's an Interest & Dividends Worksheet on my printed copy of the return, but no Schedule B, and when I switch to Forms and type Schedule B into the window, I see only four entries for Form 1116 and a QBI Schedule B aggregation statement. Why is Schedule B required for individuals but not for trusts and estates?

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3 Replies

Schedle B on trust 1041

Schedule B is included on Form 1041 and it is for the Income Distribution Deduction. 

 

As to why a separate schedule is not required to report interest/dividend income with Form 1041, the answer is because it simply is not required as it is for Form 1040. 

 

In case you haven't noticed, there is also no Schedule A for itemized deductions to be filed with Form 1041 and Schedule D is different from the schedule filed with Form 1040. 

Schedle B on trust 1041

Okay, thanks. Seems weird, though. Why should it be deemed necessary for my 1040 but not for my trust 1041? And it does make cross-checking more difficult!!

Schedle B on trust 1041

Yes, it does but then Treasury (IRS) has decided that it is not required currently and, frankly, they don't seem to care about the level of difficulty for taxpayers.

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