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1041 Irrevocable Trust Return

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    #1

    1041 Irrevocable Trust Return

    Hi,

    Does anyone do 1041 Irrevocable Trust returns that can help me? The trust has dividends, sale of stocks and real estate taxes paid. I've never done one before and would greatly appreciate help even if I have to pay a fee.

    Thanks
    Nancy & John
    Tags: None
    #2
    This can be vastly complicated and should not be attempted by a novice. Find professional help.

    Comment

      #3
      Here is a couple websites about Trust you might try

      Taxation of Trusts and their Beneficiaries
      http://thismatter.com/money/tax/trust-taxation.htm
      How trusts are taxed and how beneficiaries are taxed on the distributions received from the trust; includes trust tax tables and 2013 tax changes. Subtopics: Trust Accounting Income; Trust Taxable Income before the Distribution Deduction; Distributable Net Income and the Distribution Deduction; Trust Taxable Income; Taxation of Trust Beneficiaries; Trust Property Distributions; Trust Termination.


      trust tax rates
      http://www.legalees.com/trust-tax-rates/
      Trust Tax Rates apply to all income accumulated in either a simple trust or a complex trust. See table for the rates which apply to an estate or a trust.


      Income Tax Accounting for Trusts and Estates
      http://www.journalofaccountancy.com/issues/2010/oct/20102933.html
      Estates and nongrantor trusts must file income tax returns just as individuals do, but with some important differences. For one, their income is taxed at either the entity or beneficiary level depending on whether it is allocated to principal or allocated to distributable income, and whether it is distributed to


      Have the Trustee give you all the Trust related legal docs etc and prepare to read.

      Comment

        #4
        Most important is to read the trust document. Then read it again.

        An Irrevocable Trust 1041 is very much like a 1040 for data entry purposes. But, very different for tax rates, exemptions, and what can be deducted and sometimes where. And, things like distributions, K-1s, income vs. corpus, and whether the trustee has any discretion are both matters of law and determined by the trust document. Read it.

        Get help. Put on extension and take a couple of classes. Network to find an arrangement that works for both you and the estate expert. Read the trust document.

        And, did I mention, read the trust document?!

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