topic Re: Testamentary trust. in Get your taxes done using TurboTax

Testamentary trust.

Farmgirl123 — Fri, 06 Dec 2024 15:28:51 GMT

If you had a testamentary trust. You could not elect 645 and file the trust with the estate under the same Tax ID? If so, do you file 2 returns or do you just file the trust return while probate is going on? Trust came into effect at death?

if you do estate, then does that transfer to a trust? What about the terminal deductions from the estate?

Would you ever have an estate final year and then a trust final year years later?

Or would you have a decedent income tax return and an estate tax return then continuing with a trust 1041?

Re: Testamentary trust.

Anonymous_ — Fri, 13 Dec 2024 15:09:28 GMT

Re: Testamentary trust.

Farmgirl123 — Fri, 06 Dec 2024 16:04:01 GMT

Thank you,

I thought a testamentary trust was not a Qualified Revocable Trust to elect 645 because it doesn’t come into existence until death.
if that is the case do you have to start right away and file a 1041 for the trust? Other wise how would the estate return terminate and distribute into the estate? Doesn’t the terminal deductions go to the beneficiaries?

Re: Testamentary trust.

Anonymous_ — Fri, 13 Dec 2024 15:09:40 GMT

Re: Testamentary trust.

Farmgirl123 — Fri, 06 Dec 2024 17:16:46 GMT

Thank you.
so what you are saying is terminal deductions and losses etc would be distributed with the end of the estate and then it would happen again when the trust is over as it has a defined number of years.

Re: Testamentary trust.

Anonymous_ — Fri, 13 Dec 2024 15:09:51 GMT

Re: Testamentary trust.

Farmgirl123 — Fri, 06 Dec 2024 20:45:28 GMT

Thank you! I was surprised you could do it twice.

Re: Testamentary trust.

Anonymous_ — Fri, 13 Dec 2024 15:10:01 GMT