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wap2412
Level 2
March 19, 2024
Question

Trust Income Tax

  • March 19, 2024
  • 2 replies
  • 8 views

I need to know if Lacerte is handling Trust state income tax refunds correctly. I have a client that is being taxed on over $30,000 of state tax refund even though they only were able to deduct $10,000 of state income tax in the prior year on the form 1041.

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    2 replies

    sjrcpa
    sjrcpa
    Level 15
    March 20, 2024

    No they are not handling it correctly. Don't you have a Diagnostic saying they are not applying the tax benefit rule?

    The more I know the more I don’t know.
      W
      wap2412Author
      Level 2
      March 20, 2024

      I do not have that diagnostic.

      William

      sjrcpa
      sjrcpa
      Level 15
      March 20, 2024

      You'll need to apply the tax benefit rule and manually calculate the taxable refund amount, if any.

      The more I know the more I don’t know.
        W
        wap2412Author
        Level 2
        March 20, 2024

        Thanks 

        I will check that in the morning 

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