Thanks. I had actually previously read the article that you provided in the link. My father passed away in September 2024. He had a Revocable Trust which of course is now is Irrevocable. I am the Trustee and will probably hire a CPA but I am just trying to understand everything. For more than 40 years I have always done my own personal and business taxes (LLC taxed as a Partnership, Form 1065) without any problems but I realize this might be more complicated. My understanding is that a Trust can be Simple one tax year and Complex another. I think for the 2024 tax year it is a Simple Trust because principal isn’t being distributed and the only activity is the inherited IRA distribution passed to the beneficiaries via a K-1.
Am I correct to assume that if a 645 Election is taken then the “Descendent’s Estate” snd “Simple Trust” boxes would be checked in A?
I know that Election 645 is irrevocable so in future tax returns would the 645 Election not be checked because it’s already been taken?
After the Estate settles but the Trust still exists is the Decedent’s Estate box on future tax returns no longer checked?
All of my father’s assets are in the Trust so in essence his Trust is his estate. If all of my father’s assets before he died were not in the Trust and the 645 Election was not taken would two 1041 returns have to be filed, one for his Estate and one for the Trust?
Thank you!
