New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Where is the tax calculation displayed for an electing small business trust (ESBT)?

Answer

Per the Form 1041 instructions, UltraTax/1041 displays ‘Section 641(c)’ to the left of Form 1041, Page 2, Schedule G, line 7, prints the tax on a separate field, and includes the tax amount in line 7. The tax rate schedule is not used to figure the tax. The highest income bracket is used to figure the tax on non-gain S corporation portion taxable income. 

Related topic: 1041-US: Electing small business trusts FAQs

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