neilbrink Posted March 27, 2008 Report Share Posted March 27, 2008 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 Quote Link to comment Share on other sites More sharing options...
Maribeth Posted March 27, 2008 Report Share Posted March 27, 2008 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 Quote Link to comment Share on other sites More sharing options...
neilbrink Posted March 27, 2008 Author Report Share Posted March 27, 2008 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. Quote Link to comment Share on other sites More sharing options...
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