Here is some helpful information to get you started!
Background information on Form 1041
This form must be filed by fiduciaries or joint fiduciaries of all domestic trusts and estates. The information reported on this form describes gains, losses, and deductions that were made to or by the trust or estate during the tax year to the IRS.
A fiduciary is an individual or organization that acts on behalf of another person or organization. This responsible party is legally required to act in the best interest of the estate or trust that they represent. The fiduciary may also be referred to as a trustee, administrator, or executor.
Fiduciaries of the following types of estates and trusts are required to file Form 1041.
A Decedent’s estate with a gross income of $600 or more
Domestic Trusts taxable under section 641
Grantor Type Trusts
Alaska Native Settlement Trusts
Charitable Remainder Trusts
Common Trust Funds
Electing Small Business Trusts
Pooled Income Funds
Qualified Funeral Trusts
Qualified Settlement Funds
Widely Held Fixed Investment Trusts
What is the Deadline to file Form 1041?
Trusts and estates are required to file this form with the IRS four months and 15 days after the close of the tax year. For trusts operating on a calendar year, this is April 15, 2022.
To request an IRS extension for Form 1041, filers should use 7004 Form. This is the Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.
IRS Form 7004 is an automatic extension, this means that the IRS requires no explanation or justification for filing it, if it is filed correctly, it will be accepted automatically.
Form 7004 allows you to extend your deadline for up to 6 months from the original deadline. It is also important to note that the extension Form 7004 must be filed by the original deadline to be accepted by the IRS.
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