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sqk
Level 1

Trust- TurboTax Desktop for Business 2024

It's my first year filing a Trust return. I only have one 1099-INT to enter. And the deduction for the cost of this software. No other income, deductions, or anything. I sent the return and printed it out and then I noticed the amount on the return for the interest income was $9571. The amount on the 1099-INT is $9715. I immediately thought transposition error. I logged in to do an amended return and correct the number, but the input line in TurboTax shows the I entered the correct number (the same number on the 1099-INT $9715). Any ideas. 

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3 Replies
M-MTax
Level 12

Trust- TurboTax Desktop for Business 2024

Was the figure you saw on the 1041 inclusive of the deduction for the software? 

 

In other words, was the $9571 AFTER the deduction for the cost of the Business product?

LindaS5247
Expert Alumni

Trust- TurboTax Desktop for Business 2024

It is possible that you have reported some tax exempt interest. You can review your 1099-INT's to check for that. Look at your Schedule B, Part 1 as well.

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sqk
Level 1

Trust- TurboTax Desktop for Business 2024

Solved. On the 1041 the correct amount is shown for the interest. The interest minus the cost of TurboTax is shown on the K-1 for the interest. I should have examined both forms. Thank you for your response. 

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