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Toledo Ohio Form 1041: What You Should Know

Line 3 the state fair market value of the trust's assets. The state must be the state where the trust was created. • Enter on line 3 the federal income tax rate, which is shown separately on line 2. If more than one rate is displayed on line 2, then the higher of the two rates for the highest applicable rate applies to the trust. Note that the trust's federal tax rate must be below 0%. If the Federal rate is 0% or less, no tax is due. If the Federal rate is higher than 0%, a tax of 20% must be paid on the excess. • Enter on line 3 any tax credits and tax deductions. • Enter on line 3 on the line labeled “the value (adjusted for inflation) of the estate's common property and non-exempt income”; if the rate is lower than the fair market value, the fair market value must be adjusted to show the correct amount; and if the rate is higher than the fair market value the higher of the two rate must apply. • Add the trust's qualified business unit (NBL) and the federal amount on line 4. • Add the NBL at the beginning of line 6. Note that the NBL has a value that is used to calculate the tax rate for the NBL at line 3. • For income tax year 2018, a value is used for 2018. • Fill in line 25 for line 6  Line 4. A tax credit and a deduction must be included if they're appropriate. It's appropriate only if the income tax should be credited for that amount. • In line 45, enter the gross income of the NBL on line 2 of Schedule A. • Add line 4 to  line 4-1. • Enter the federal gross income in line 46. • Enter the gross taxable income of the trust on line 47. Line 48. Add line 48 to line 45 Line 49—Line 47. Enter the total gross trust income on line 48. Line 5— line 48. A. Add line 4 to line 8. B. Divide line 47 by line 47-1. Subtract the value of the NBL from the federal gross income. Subtract the value of the NBL from the federal income tax payable. Divide line 47-1 times the rate. C. Add line 48 to line 46. Line 57— line 48. Add line 48 to line 46  Line 58. Add line 48 to line 49.

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