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Income and deductions

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.

This article applies to:

  • Return type: 1041 Fiduciary
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