Exclusion for intangible income (1041 HI)
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Hide expandable textYou can only exclude intangible income for resident trusts; an exclusion is not available for resident estates or nonresident returns.
Onvio Tax adds excluded amounts back on Schedule B, line 2(a) to bring beneficiary calculations up to full law amounts.
The calculation is based on the Beneficial interest percent for nonresident beneficiaries in the Beneficiaries tab > HI Beneficiary column. The percents you enter must equal 100%; Onvio Tax will generate a diagnostic if the percents do not equal 100.
Note: Percents for beneficial interest do not need to match distribution percents.
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