Enter data for electing small business trusts (ESBT)
Follow these steps to enter data for electing small business trusts.
- In theOrganizer, selectIncome.
- SelectK-1 Incomeand open or add the K-1 you want to modify.
- On theK-1 Informationscreen, selectS CorporationforSchedule K-1 type.
- Use the additional tabs in theK-1 Informationscreen to enter ESBT income and deductions.noteAll income, deduction, and credit amounts you enter anywhere else in the 1041 Organizer is considered non-ESBT income and deductions. Those amounts will summarize on Form 1041, Page 1.
- Any current year disallowed passive losses, as well as other carryovers, now proforma to the next year. To make sure, go to theSuspended Lossestab in theK-1 Informationscreen and make sure amounts are in the Operating Loss column.
- If you have any of the following direct ESBT expenses, go to theGeneral Informationfolder, selectESBT Informationand 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)
