Extending the 2021 Deadline for IRS Form 1041 for Trusts

There are only a few more days to file an extension!

Filing Form 1041 with the IRS can be a daunting task. This is the U.S Income Tax Return for Estates and Trusts. 

The IRS required that the fiduciary of a decedent’s estate or a domestic trust file this form to report a variety of transactions. 

If you need additional time to complete and file this form, filing a trusts and estates extension form with the IRS is a great option. 

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
  • Bankruptcy Estates
  • 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. 

Since this date falls on a holiday this year, the deadline for filing Form 1041 is Monday, April 18, 2022. 

Which Extension Form is used for Form 1041?

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. 

Ready to E-file Form 7004?

Form 7004 is a simple form that can be completed in minutes, especially when you choose e-filing. When you e-file your extension with ExpressExtension, you receive instant updates on the status of your form. 

If the IRS does reject the form, you can easily correct and retransmit it at no additional cost! With ExpressExtension, you can file your extension easily and accurately for just $19.95. 

Create your free account today to begin filing and beat the deadline!

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