1041-t instructions Form 2023-2024

1041-t instructions Form: What You Should Know

Select the box marked “I am the beneficiary and elect the application of this election to the taxes of the Trust” or enter text indicating beneficiary. Enter a beneficiary's information and select the box marked “Continue, or cancel”. If you selected cancel, continue to the next page to select a date. If you selected “Continue,” complete and print the Form 1041-T Allocation of Estimated Tax Payments to the Trust Date Worksheet. If you selected cancel, go back to Step 12c(1) and re-enter the information from the previous page, print the Form 1041-T Allocation of Estimated Tax Payments to the Trust Date Worksheet, and mail to the trustee's address listed under “Certificate of Election” in the instructions. Important Notice. The application and any required forms for this election must be received by the trustee no later than the date the executor is notified of the estate's termination (including executor's fee). Failure to deliver the application to the trustee by the expiration date may affect the availability that may be received by the executor. If you receive a notice from the IRS that a trust or estate will terminate before the expiration date and a timely application cannot be made by the executor, the executor should contact the trustee for instructions to make the election. If the executor's deadline is after the trustee's deadline, the executor should contact the trustee promptly to request instructions. This application is designed for a trust to be made on or after June 29, 2022, or for a decedent to be made on or after Dec 31, 2022. If the trust or estate is made on or before Dec 31, 2022, the tax rate will apply on the Form 1041-T Allocation of Estimated Tax Payments to the Trust Date Worksheet. If the trust or estate is made after Dec 31, 2022, the tax rate will apply on the Form 1041-T Allocation of Estimated Tax Payments to the Trust Date Worksheet only if the trust or estate is made after December 31, 2019. If you make this election, the executor will generally file an actual return for the year, report the amount of estimated tax payments shown on the work sheet under section 62 and provide a Schedule K-1 (Form 1041) reporting the distribution you made with the election. If you do not make the election, the executor will not report on the work sheet your estimated tax payments.

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