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.
FREQUENTLY ASKED QUESTIONS
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