Harris Texas online Form 1041-T 2024-2025

Harris Texas online Form 1041-T: What You Should Know

See Form TX4071 and Form TX4071-1, which  are the form used to calculate the total taxes payable by the trust or estate.  The amount for which an election is to be made need not be paid to the state by the 15th of the month following the election. The tax payments made to the state during the tax year are determined by dividing the total amount and any estimated tax payments as of the  date of the Form 1041t determination by the fair market value of the taxable property at that date as recorded in the county clerk's office of a corporation, partnership, or trust in the county where the county clerk's office is located or, if no such records are maintained, the value of property owned by a corporation, partnership, or trust at that date as recorded in the record of such property in the Texas office of the county tax collector in the county with principal place of business of the trustee. If this method of determining the amount of tax payable is not acceptable, the amount paid each month and the date of the tax determination  for the period from the date the election to allocate tax payments is submitted to the first payment is shown as the amount of estimated tax in the first  paragraph of Form 1041-T. For a determination of estimated tax payments to be made by the trust or estate, use Form TX 4071-1 (Texas Business Franchise Tax) which is available for download by the Texas Business  Department. The following information is required on the form for trust or estate election purposes: Allocation of Tax Payments Allocation of tax payments (which includes estimated tax payments) for any period from the date of  the Form 1041-T determination to the first payment is shown as the amount of tax in the first paragraph of Form 1041-T. For a determination of tax payments to be  made by the trust or estate, use Form TX 4071-1 (Texas Business Franchise Tax). A corporation, partnership, or decedent's estate will include only the trust's, estate, or a trust that has died in which the decedent has all the rights and powers of a beneficiary under the trust; in accordance with the tax ability of such interest, the estate or trust, or both, or the decedent, as a beneficiary has to account for and compute and pay the same amounts of tax that were payable in the trust or estate.

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