- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Form 1041 is an tax return for income paid to an estate or trust, not for income paid to an individual. Income in respect of a decedent that that is paid to you goes on your individual tax return, Form 1040.
If an estate or trust received income in respect of a decedent of $600 or more, the estate or trust must file Form 1041. The estate or trust can then pass the income through to estate or trust beneficiaries on Schedules K-1 for taxation on the beneficiaries' individual tax returns and then take a deduction for the distributable net income.
Intuit sells TurboTax Business for Windows (not TurboTax Home & Business) for preparing Forms 1041.
‎January 29, 2023
5:19 AM
491 Views