Section 645 Election

[robsargent1960]

Acting as Fudiciary for a Family Trust. Attempting to file FORM 1041 for a Family Trust classified as a Simple Trust for first time using TurboTax Business. What is a Section 645 election?

[M-MTax · Accepted solution]

A Section 645 election is where you treat a qualified revocable trust (QRT) as part of the estate. You file one return (an estate income tax return) for both the trust and the estate.

See https://www.thetaxadviser.com/issues/2024/may/the-sec-645-election-to-treat-a-trust-as-part-of-the-e...