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Income and deductions

About nondistributive income

Go to
Organizer
,
Income
,
Income
, and then
Nondistributive Income
.
The system treats entries for nondistributive income as follows:
  • The amounts in each of these lines are combined with their corresponding income classes from
    Organizer
    ,
    Income
    ,
    Income
    , and then
    Income
    . The totals carry to the appropriate line on Form 1041, Page 1. An entry on each line also automatically carries to the supplemental income and deductions schedule under the appropriate income classification.
  • The system subtracts the total of all taxable nondistributive income items on Form 1041, Schedule B, line 9 in order to compute DNI (distributable net income) and print Less Nondistributable Amount of $_______.
  • If you elect to include nondistributive income in allocating expenses between taxable and tax-exempt income through
    Organizer
    ,
    General Information
    ,
    Return Options
    ,
    Compute Options
    , the system includes both tax-exempt and taxable nondistributive income in the allocation. The system reduces DNI on Form 1041, Schedule B, line 9 by the total taxable nondistributive income and makes necessary adjustments to tax-exempt interest as adjusted (Schedule B, line 2).

This article applies to:

  • PRODUCT: GoSystem Tax RS
  • Return type: 1041 Fiduciary

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