FORM 1041

The IRS form 1041 is the tax return for estates and trusts. It is used to report income, deductions, gains and losses of the estate or trust.

A decedents estate comes into existence at the date of their death. Trusts however can be created during an individual’s life or upon death.

We have a dedicated team of CPAs and accountants who prepare over 50 fiduciary returns on an annual basis and have over 20 years of experience.

Do you need to file a 1041?

Was there gross income over $600 in the past year?

Is one of the beneficiaries a non-resident alien?

If you answered yes to either question, you do.

How is income distributed from 1041 to beneficiary?

Income for each beneficiary will be reported on K-1s and K-1s must then be furnished to each beneficiary.

Here is a link to the 2017 Form 1041 on the IRS website.

For more information call us today at 562-420-3100