I am completing a Trust Tax Return for a deceased estate. This is the third income year for the deceased estate. The estate is fully administered and the three beneficiaries are presently entitled. The estate earned total income of $1.92 bank interest. Each of the three beneficiaries' share of the income of the trust estate is $0.64 ($1.92/3).
On the Trust Tax Return, what amount should be shown for '11 Gross Interest' (is it $1 or rounded-up to $2), '56 Income of the trust estate' (is it $1 or rounded-up to $2) and for each beneficiary '57 Statement of distribution item W Share of income of the trust estate' (is it $0 or rounded-up to $1)?
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1,132 views
3 replies