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Electing small business trusts (ESBT)

Enter data for electing small business trusts (ESBT)

Follow these steps to enter data for electing small business trusts.
  1. In the
    Organizer
    , select
    Income
    .
  2. Select
    K-1 Income
     and open or add the K-1 you want to modify.
  3. On the
    K-1 Information
     screen, select
    S Corporation
     for
    Schedule K-1 type
    .
  4. Use the additional tabs in the
    K-1 Information
     screen to enter ESBT income and deductions.
  5. Any current year disallowed passive losses, as well as other carryovers, now proforma to the next year. To make sure, go to the
    Suspended Losses
     tab in the
    K-1 Information
     screen and make sure amounts are in the Operating Loss column. 
  6. If you have any of the following direct ESBT expenses, go to the
    General Information
     folder, select
    ESBT Information
     and enter the amounts in the Direct Input to ESBT Calculation section. These fields aren't available in the K-1 Organizer.
    • Taxes
    • Fiduciary fees
    • Attorney, accountant, and return preparer fees
    • Alternative Minimum Tax
    • Bond credit
    • Recapture tax
    • Tax refund (federal only)
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