I am filing an Electing Small Business Trust (ESBT) and cannot get the tax to calculate and carry to the 1041.
Starting in Drake19, the ESBT screen must be completed to produce the ESBT Tax Worksheet (Wks ESBT in view). The ESBT screen can be accessed directly on the Taxes tab or by going to screen 4, Schedules A, B, & G, and clicking on the ESBT link to the right of the Schedule G, line 4.
Enter any applicable Taxable Income, Deductions, Taxes, or Credits. Note: All fields are direct entry, and will not pull from any other data entry in the return. Further information on how to calculate line 14a, Tax on Taxable Income, can be found on pages 14 and 15 of the Form 1041 instructions. In view, the Total Tax is calculated on line 17 of the Wks ESBT and will flow to Schedule G line 4 (1041 Page 2).
For information on calculating tax for an Electing Small Business Trust in Drake18 and prior, see the Related Links below.