1041 $300 Trust exemption

[neilbrink]

I have completed a very simply trust return (Interest and Rental Income), all income is distributed each year. My question has to do with the $300 exemption. When I have completed the form, there is a -$300 Taxable income shown due to the $300 exclusion. Should I be taking the exemption before the income is distributed and if so, where do I input that amount on the form? Thanks. Neil

[Maribeth]

I have completed a very simply trust return (Interest and Rental Income), all income is distributed each year. My question has to do with the $300 exemption. When I have completed the form, there is a -$300 Taxable income shown due to the $300 exclusion. Should I be taking the exemption before the income is distributed and if so, where do I input that amount on the form? Thanks. Neil

A simple trust, all the income is distributed every year, before the exemption. You will have the -300 amount every year on the return.

Maribeth

[neilbrink]

A simple trust, all the income is distributed every year, before the exemption. You will have the -300 amount every year on the return.

Maribeth

Thanks, Maribeth.