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Lev
Lev, Tax Advisor
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Experience:  Taxes, Immigration, Labor Relations
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Hello I have been the beneficiary of a simple testimony ...

Resolved Question:

Hello I have been the beneficiary of a simple testimony trust for the past 2 years. Recently the fiduciary and I noticed an error on the last two 1041 forms the trust filed.

On both the 06' and 07' trusts 1041 the box "This is the trusts final tax return" had been checked. However, this is a mistake, as it is obviously not the final return. Is this a serious error? Should i contact the IRS? So far they have never contracted us about this

Since the trust will probably be closed this year, perhaps it does not really matter? The trust earned about 50K in dividends and capital gains, which were distributed to my self and taxed at my tax rate. Right now half of the principal of the trust has been disbursed and the rest of the funds are sitting in a money market fund and soon will most likely be disbursed.

Best, Luke
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

Dear Luke,

As long as the mistake doesn't result in any additional taxes (or refund for you) - the IRS will not likely raise the concern.

You may contact the IRS by sending a note - if you want so - but I would not do anything unless the IRS sent the note to you. If they do - you should be prepared to explain - while very unlikely - it is still possible.

Again - as long as there will not be any difference in tax calculation - it is unlikely you will get anything from the IRS.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22739
Experience: Taxes, Immigration, Labor Relations
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