Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-09-2017, 05:32 PM
Junior Member
 
Join Date: Oct 2017
Posts: 3
Form 1041

Hello! I have a small business- a sole proprietorship- I sell art on Etsy and have some workshops or one time courses. I got a letter from IRS that I filled the wrong form and had to fill a 1041 -U.S. Income Tax Return for Estates and Trusts- I looked at the form and have no idea how to fill it! I opened this business in October 2016 and I gained 235 dollars and paid 12.83 dollars sales and tax in 2016, nothing else. Can someone please tell me where do I have to write this on the form?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 10-10-2017, 02:25 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,853
you said you had to fill a 1041 -U.S. Income Tax Return for Estates and Trusts; A 1041 form is an income tax reporting form that an estate or trust files. The IRS requires the estate or trust manager to file this form each year. With some types of trusts, the income passes through directly to the beneficiaries so the trust or estate doesn't pay any taxes itself, but the trust still has to file an income tax return. The trust must file this form if it has any income tax liability, even if it earns less than $600. The trust must also file Form 1041 if it earns more than $600 in gross income, even if none of this income is subject to trust income taxes. I guess youactually donot need to fiel your return due to lower income; as a spole owner youneed to file Sch C of 1040 asongas the amount online 29 / 41 is $400 or exceeds $400



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 10-10-2017, 06:55 PM
Junior Member
 
Join Date: Oct 2017
Posts: 3
Thank you

The 1040 looks much easier to fill. But now, I have a bigger problem; IRS says that their records indicate that I am a Trust and I have to fix that problem. I will call them and ask how we can change it to s.p. tomorrow. Thank you for taking time and informing me.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Form 1041 minim84 Trusts and Gift Tax Returns 16 12-07-2017 01:16 PM
form 1041 schedule k kszcz83 Trusts and Gift Tax Returns 0 03-26-2017 10:31 PM
Need help with Form 1041 Schedule K-1 booch221 Trusts and Gift Tax Returns 3 04-13-2015 05:03 PM
Form 1041 for Estate/Trust - Combining by filing Form 8855 Reno98 Trusts and Gift Tax Returns 1 02-09-2014 10:53 PM
Do I need to file 1041-T form? Saver4 Trusts and Gift Tax Returns 1 02-14-2012 04:02 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning