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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
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Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
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Hello. If I have a complex trust where two beneficiaries are

Customer Question

Hello. If I have a complex trust where two beneficiaries are individuals and the third is a tax-exempt financial institution (1/3 share each), does form 1041-A have to be filled out if a charitable deduction is taken on the 1041?
Submitted: 3 years ago.
Category: Tax
Expert:  Rachel-Mod replied 3 years ago.


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Expert:  Arthur Rubin replied 3 years ago.

The instructions say yes, if:

  1. The "tax-exempt" financial institution is a "charity", and
  2. The trust document doesn't require the trust to "currently" distribute the income.

You said it's a complex trust, so point (2) probably is met.