Trust: Income

Reporting Partnership, Interest & Dividend Income, Capital Gains and Rentals For Trust Tax Form (TRT)
Reporting Partnership, Interest & Dividend Income, Capital Gains and Rentals For Trust Make sure to activate the "Interest", "Dividends&...
Mon, 27 Jan, 2025 at 12:34 PM
How to Use Tags in accounts with other Income categories in Trust Tax Return (TRT)
In a trust, it's possible that the trust activity involves income that needs to be classified to a sector other than Item 5 - Business Income & Exp...
Mon, 27 Jan, 2025 at 12:36 PM
Deceased Estate
"Deceased estate" option is available via the main section of the Trust form through "type of trust" field. Related Article: TR...
Mon, 27 Jan, 2025 at 12:51 PM
Error: The A - Income of the trust estate field is required
Solution:  Just put Nil if there's no Trust Estate If Client has "Net Loss" - NO need to distribute this to the beneficiaries ...
Mon, 27 Jan, 2025 at 12:52 PM
Share of Net Small Business Income Trust
Understanding how to split of the small business income of a trust. Note: It's normal to have an amount in 58Y (Share of net small business income) ...
Mon, 27 Jan, 2025 at 12:53 PM
Rental Income NOT for Business
Question: Trust is having a rented property income and data imported from 'QuickBooks Online'  but it imported in LodgeiT as "Business" in...
Tue, 28 Jan, 2025 at 1:24 PM
Net income of Trust to beneficiaries
Question: Net income of Trust doesn't go into beneficiaries distribution. Answer: Net income is not included in beneficiary distribution. Only certain ...
Mon, 27 Jan, 2025 at 1:08 PM
Non-Primary Income Amount
Question: How "Non Primary Income" calculates? Answer: Non-primary income available for distribution is  Total Non-Primary Income($9040) LE...
Mon, 27 Jan, 2025 at 1:12 PM
Foreign income from Trust to Individual
Distribute "Foreign Income" from Trust to ITR? Open the Beneficiary schedule  In ITR - net non primary is showing negative Solutio...
Mon, 27 Jan, 2025 at 1:33 PM
Handling CashFlow Boost reporting
Cashflow Boost is under a "Government Industry Receipts" and  its tax free -  classify as Grants Tax form view Income Tab From bel...
Mon, 27 Jan, 2025 at 1:36 PM