Testamentary trust.

Forum|Forum|1 year ago
December 6, 2024
1 reply
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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?

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Anonymous_

Level 15

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Farmgirl123Author

Level 5

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?