About trust accounting income (TAI)
The system provides a TAI Worksheet in
Tax Forms
, Federal
, TAI Worksheet
which outlines the calculation. The TAI Worksheet shows a breakdown of income and deductions, and allocations against principal and income. Print TAI Worksheet
To print the worksheet, go to
Organizer
, General Information
, and then Return and Print Options (Irrevocable)
. On the General Options
screen, select the option to print the Trust Accounting Income Worksheet
. Schedule B, line 8
Per IRS instructions, Trust Accounting Income will only print on Schedule B, line 8 for complex trusts.
Limit distributions to TAI
If you've elected under Section 663(b) to make a 65-day distribution, then TAI won't limit distributions.
An example situation is where you may want to distribute 100%, but TAI is less than DNI (distributable net income). In this case, you can enter 100% for distribution by going to
Organizer
, Beneficiary Info
, and then Distribution Input - Totals
. Enter TAI (Override)
and set Compute Option 216
to limit to TAI.You can also go to
Organizer
, General Information
, and then Return and Print Options (Irrevocable)
. Select Compute Options
and set Compute Option 216
to limit to TAI.
