How to File IRS Form 1041 for 2022 Tax Year
In general, a nongrantor trust must file an annual Form 1041 if its gross income exceeds certain limits. This example we look at a Form 1041 filing for the 2022 tax year.
What is the Section 663(b) Election for Trusts and Estates
The Section 663(b) election is informally referred to as the 65-day election. This election allows a trustee or fiduciary to make distributions to beneficiaries after the end of a fiscal year and have them apply to the prior-year.
How to Prepare IRS Form 1041 for the 2021 Tax Year. Step-by-Step Instruction
The Form 1041 is filed by certain estates and trusts that have gross income over the relevant threshold for the tax year. This article and video tutorial covers a sample Form 1041 filing for the 2021 tax year.
When Does a Grantor Trust Need to File IRS Form 1041
A grantor trust is generally not required to file any income tax returns because the income is reported directly on the grantor's federal income tax return. Under some circumstances, the grantor trust may require a Form 1041 filing.