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I'm filing for a TIN. A question is "Trust filing as an
I'm filing for a TIN. A question is "Trust filing as an Estate under Sec. 645 (check if yes)" - How do I determine if we should do that? As I understand it, the trust is irrevocable as of 2/19, when m… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,936 satisfied customers
My aunt had a Revocable Trust created in 2011. She titled
My aunt had a Revocable Trust created in 2011. She titled all of her assets in her name TOD to the Trust. She did not fund the trust prior to her death. Her intention was to fund the trust after her d… read more
socrateaser
socrateaser
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It is the final return. Now, There is a Family RVOC Living
it is the final return. Now, There is a Family RVOC Living Trust. However, the Successor Trustee applied for an EIN for the decedent's estate instead of the Family RVOC Living Trust. All funds receive… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,936 satisfied customers
Lev - Fam Rev Trust Yes - we may make section 645 election
Lev - Fam Rev TrustYes - we may make section 645 election for the trust if needed.Question on the 1041 What type of Entity is selected?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,936 satisfied customers
I am filing a Form 1041 for my deceased MIL Rvoc Trust. I am
I am filing a Form 1041 for my deceased MIL Rvoc Trust. I am making the 645 election. Do I just mark the "Decedent's Estate" but list the Name of the Estate or Trust as "__ Rvoc Living Trust"? Also, t… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,936 satisfied customers
A woman passes away & her co-trustees file Form 8855 to
A woman passes away & her co-trustees file Form 8855 to treat her trust as part of her Estate. Unfortunately, the 645 election was not made timely. Therefore, do two Form 1041 tax returns need to be f… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,936 satisfied customers
A trustee cashed in an ira but didn't distribute funds to
A trustee cashed in an ira but didn't distribute funds to the beneficiaries before the end of the year … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,894 satisfied customers
Lev, You helped me on K-1 question yesterday. working on
Lev, You helped me on K-1 question yesterday. working on same return with new question re 645 Election and 8855. I am planning to file 1041 for trust ( I am trustee ) , although there will be a very s… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,936 satisfied customers
I checked the box for Section 645 election when applying for
I checked the box for Section 645 election when applying for the trust's TIN after the settlor's death, and got a letter from the IRS stating that, based on the information provided, a Form 1041 is du… read more
taxmanrog
taxmanrog
Master's Degree
1,810 satisfied customers
I am the POA, Executor & Trustee parents. They have several
Hi, I am the POA, Executor & Trustee for my parents. They have several annuity contracts for which a irrevocable trust is the beneficiary. They are both deceased and I have made claims to the annuity … read more
PDtax
PDtax
Owner
Master's Degree
4,834 satisfied customers
You just answered my question on a 645 election. Let me
You just answered my question on a 645 election. Let me follow up. Decedent dies in December 2014. I'm asked into it in Fall 2015 so it's too late to get the 1041s and 8855. Decedent's joint 1040 for … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,855 satisfied customers
What publication covers how and when to fiie a return
What publication covers how and when to fiie a return for an estate in an Irrevocable trust. The trust was effective from date of death.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,855 satisfied customers
If we decide to file Form 8855 section 645 election,
If we decide to file Form 8855 for the section 645 election, and adopt a fiscal year that would end on 4/30/15, how will the IRS know not to expect to hear from us till 8/15/15 if we don't file for an… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,242 satisfied customers
I am trustee of a revocable trust which became irrevocable
I am trustee of a revocable trust which became irrevocable on death of truster November 1, 2013. I haven't yet filed the initial return for the trust for the period following truster's death. May I fi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,855 satisfied customers
In New York State, I applied a land trust that is the owner
In New York State, I applied a land trust that is the owner of a rental property. The beneficiary of the land trust is my LLC (Limited Liability Company). When IRS assign a EIN (Employer Identificatio… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
1041- Whos income is it? All of dads assets belonged to his
1041- Who's income is it? All of dad's assets belonged to his (previously revocable ) trust when he died in Dec 2013 except one non-qualified annuity. Mom is 100% beneficiary of this annuity. I (think… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,855 satisfied customers
client died on 11/25/2008 and had a revocable living trust
client died on 11/25/2008 and had a revocable living trust with an EIN. executor (and also beneficiary) elected to receive 2 lump sum distributions from 1099R (1 is a 401K and 1 is an IRA) with trust … read more
Bill
Bill
Master's Degree
3,157 satisfied customers
I am the Trustee of a Small Estate and Revocable Living Trust
I am the Trustee of a Small Estate and Revocable Living Trust (Cash Value $325,000 Bank Accounts and Inherited IRA), During Dad's Life the Revocable Living Trust used his SSN and the small amount of i… read more
RD
RD
Self Employed
Master's Degree
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