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Flashcards in TAX YEARS, Due Dates Deck (6):
1

Form 1041 Fiduciary Income Tax Return

Req'd if Estate has gross income of $600
Req'd if Trust has gross income of (ignore this just stick with the $600)

Estates (any tax year) - due by the 15th day of the 4th month following the end of the tax year (3.5 Months)

Trusts - Must be on calendar year so April 15th

2

Who must pay quarterly taxes? Trusts and Estates.

Trusts always
Estates after 2 years.

3

Estate - what is an exceptable year?
What about estimated Taxes

Estimated taxes are not required during the 1st two years.

Estates usu settled within year so will pick the month after the distribution for the year end (note that this means the tax year is less than 12 months, if you die in July and distribute in January, then they will pick January 31st and file for the period July - January. The return is due on the 15 day of the 4th month after the end of the year (the time is 3.5 months.)

4

Exemptions:
Simple
Complex
Estates

Exemptions
Simple: $300
Complex: $100
Estates: $600

5

New Extension Periods:
1041 Estates and Trusts
Partnerships

Now it's 5 months because these are pass through

6

When do you have to pay 110% for estimates

Income over 150K even if it's in current year