About Bozodclown

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Re: Trust K-1 Distributions

FYI, I just read that tax deductions are applied to ordinary income first and then a tax bracket is determined for that. Then, capital gains are added to the or...

Bozodclown

Updated Feb 04, 2024
Re: Trust K-1 Distributions

I tried changing it in Forms mode but I couldn't. I'm researching the federal and state law on how a deduction is applied. Turbotax applied the deduction to ord...

Bozodclown

Updated Feb 04, 2024
Re: Trust K-1 Distributions

Right. Interest income and capital gains are taxed differently. That's why I'm concerned. The K-1s show the distributions as long term capital gains but the rea...

Bozodclown

3

Updated Feb 04, 2024
Re: Trust K-1 Distributions

I see that the interest income is subtracted from the deductions on the DNI worksheet. The excess deductions are then subtracted from the capital gains number. ...

Bozodclown

5

Updated Feb 04, 2024
Re: California Estates and Trusts software not updating for Form 541...

Thanks for your input. So, is it the FTB that doesn't have this form ready on 2/8/23 or is this a TurboTax problem?

Bozodclown

Updated Feb 21, 2023

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Date Registered	‎February 24, 2022 12:28 PM
Date Last Visited	‎February 5, 2024 3:30 PM
Total Messages Posted	17

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