Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-13-2012, 12:05 PM
Junior Member
 
Join Date: Feb 2012
Posts: 1
Do I need to file 1041-T form?

I am not quite sure what this form is about (AFTER reading this form's instruction from the irs.gov site).

quote from the 1041-T form, Purpose of the form:

"A trust or, for its final tax year, a decedent’s estate may elect
under section 643(g) to have any part of its estimated tax
payments (but not income tax withheld) treated as made by a
beneficiary or beneficiaries. The fiduciary files Form 1041-T to
make the election. Once made, the election is irrevocable"

does irrevocable mean just for this year or forever?
if I don't plan on making estimate tax payments, do I have to file this form?

if I DO plan on making estimate tax payments, and I didn't file this form.
what will happen when I file my fiduciary tax return and the beneficiary's tax return next year?
will I lose something? I just don't get it.

This is my first year filing a fiduciary return that was created in 2011.
it have a rental income and need to depreciate the rental.
I do expect to have a income in the thousands after deductions and depreciation. and there is no other income.



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 02-14-2012, 04:02 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Fiduciary estimated tax payments, made on behalf of a trust, can be passed to the beneficiaries by making an election on or before the 65th day after the end of the trust's taxable year. To make this election, the trustee must complete and file Form 1041-T. Form 1041-T may not be used to pass income tax withheld to beneficiaries except for backup withholding. In the instructions for Form 1041-T it states "A trust or, for its final tax year, a decedent’s estate may elect under section 643(g) to have any part of its estimated tax payments but not income tax withheld treated as made by a beneficiary or beneficiaries. The fiduciary files Form 1041-T to make the election."



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



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
1041 Capital Gain timber Estate Planning 0 03-22-2010 06:30 PM
When must an Employer file a Form 941? TaxGuru Miscellaneous 0 09-24-2009 08:25 PM
Interest and Dividends on 1041 ribbydibs Trusts and Gift Tax Returns 0 04-09-2009 09:15 AM
Schedule K-1 (Form 1041) BTOG Income 1 03-25-2009 02:09 PM

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
 
 
 

» Recent Tax Q&A
No Threads to Display.