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Fort Worth Texas online Form 1041 (Schedule I): What You Should Know

Basic Information 1041-V FICA Tax 150,100 0 0.00% -0.80% 5,800 5.84% This tax only applies during the tax year. It may still be refundable, subject to certain limitations. 2. Qualified expenses 1041-T FICA Tax 60,000 – 180,000 — — 150,100 0 You may choose to itemize your expenses. You may also choose to deduct the amount of expenses related to a trade or business (e.g., expenses of maintaining a qualified farm or other property, and expenses of an agricultural or forestry business in connection with farming or timber production). 3. Qualified capital gain (capital gains tax) 1041-Q Capital Cost Allowance 5,400 0 — — 0 As long as the qualifying loss or credit was allowable from the loss in a previous year, and you are not carrying on a trade or business, you may deduct the loss. 4. Depreciating property or expenses 1041-D Other Expenses 5,900 0 – 0 Depreciation can be reported on Schedule C. 5. Earned income 1041-E Social Security & Supplemental Security Income 120,400 120,400 – 120,800 0 6,200 (60,000 – 40,000) — (0) (0) These are the only tax-exempt benefits. 6. Depreciation 1041-H Other Depreciation 5,450 0 – 0 Other expenses can be deducted against taxable income. 7. Capital Gains Tax (Capital Gains Tax) 1041-G Gains on Sale of Land 7,750 0 7,500 7,000 7. Capital Gains Tax (Capital Gains Tax) 1041-G Gains on Sale of Sunken Investment Property 5,700 – 7,500 This tax will apply to realized and unrealized capital gains not from long-term investments. 8.

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