Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I am filing a Form 1041 for my deceased MIL Rvoc Trust. I am…

I am filing a...

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, the date of created, is that date of death or date Trust was funded? Thanks!

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Not that I am aware of

Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
3/20/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
Verified

That is a tax return for the TRUST

So most likely - that will be a "simple trust" in box A

Do not select "Decedent's Estate" ...

attach form 8855 for section 645 election - that will allow include income the estate received which is not a part of the trust - into this return instead of filing a separate tax return for the estate.

You will also use larger standard deduction for the trust

These will be benefits of that election.

The trust was credited when it became irrevocable.

So if that was a living trust - the creation date is the date of death.

Let me know if you need any help.

Ask Your Own Tax Question

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
Ask Your Own Tax Question
Customer reply replied 4 months ago
Sorry for the delay in rating your answer. I have been trying to find more information as I don't agree with marking the return as a Simple Trust. The IRS Instructions say under "Special Rule for Certain Revocable Trusts" - "If there isn't an executor. If no executor has been appointed for the related estate, the trustee of the electing trust files Form 1041 as if it was an estate. File using the TIN that the QRT obtained after the death of the decedent. The trustee can choose a fiscal year as the trust's tax year during the election period. Be sure to check the Decedent's estate box at the top of Form 1041 and Item G if the filing trust has made a section 645 election. For Item G, the filing trustee must provide the TIN of the electing trust with the highest total asset value. The electing trust is entitled to a single $600 personal exemption on returns filed for the election period."So can you confirm/answer these items for me:
(1) As you indicated above, Date entity created (Section D) is DOD.
(2) Per IRS instructions, the box "Decedent's Estate" is marked in Section A but I will not check any other box. (Sidebar, the tax software gave me a warning when both boxes were checked - Decedent's Estate and Simple/Complex Trust; but to receive the $600 exemption, the Decedent's Estate box must be checked. A CPE course I took said you could have both the Simple and the Complex Trust Boxes marked under some circumstances. The course did not clearly state what should be marked for my circumstances.)
(3) I obtained one EIN for an irrevocable trust after my MIL passed in the name of her Original Living Trust Name (MIL’s Rvoc Living Tr) with a 10/31 YE (name recommended by various sources that I was reading at the time). This EIN I will use for Section C on Form 1041. Question --> For Section G, What do I put for "Trust EIN"? The same EIN as Sec C or do I leave it blank? Since it was previously a living trust, it didn't have an EIN and income was reported under MIL SSN.
(4) For Form 8855, Part 1 and Part 3 will have the same EIN as Section C on Form 1041
(5) It is ok to use the name associated with the EIN (Rvoc Tr) and I don't need to change it (Section F of Form 1041).Thank YOU Very Much for you help!

(1) As you indicated above, Date entity created (Section D) is DOD.
That is correct - on that date the trust became irrevocable.

(2) Per IRS instructions, the box "Decedent's Estate" is marked in Section A but I will not check any other box. (Sidebar, the tax software gave me a warning when both boxes were checked - Decedent's Estate and Simple/Complex Trust; but to receive the $600 exemption, the Decedent's Estate box must be checked.
Do not check box "Decedent's Estate"
If you check "Complex Trust" - "Simple Trust" will be ignored - there is no reason to mark that box if you already choose Complex Trust.
To get $600 exemption - check box G "section 645 election"

(3) I obtained one EIN for an irrevocable trust after my MIL passed in the name of her Original Living Trust Name (MIL’s Rvoc Living Tr) with a 10/31 YE (name recommended by various sources that I was reading at the time). This EIN I will use for Section C on Form 1041.
Question --> For Section G, What do I put for "Trust EIN
"?
You may put the same EIN or may leave blank as long as section C is filled.

(4) For Form 8855, Part 1 and Part 3 will have the same EIN as Section C on Form 1041
Yes - that is correct -same EIN.

(5) It is ok to use the name associated with the EIN (Rvoc Tr) and I don't need to change it (Section F of Form 1041).
Use the same name as the trust was registered - so there will not be mismatch in the IRS system.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
33,142 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
PDTax need assistance. On a 1041 there is a Decedent's
PDTax need assistance. On a 1041 there is a Decedent's Estate Created at time of death. First year of death 2016. A final 1040 return was filed for year of death 2016. There was a RVOC trust created i… read more
Dr. Arthur Rubin
Dr. Arthur Rubin
Doctoral Degree
173 satisfied customers
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
33,142 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
33,142 satisfied customers
Estate or FAM REV LIV TRUST. Mother passed 2016. Decedent's
Estate or FAM REV LIV TRUST. Mother passed 2016. Decedent's Estate was opened and an EIN was assigned. It was opened pending decedent's deceased brother proceeds.In that same year, Father pass and an … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,142 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\u0027s Degree
2,494 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
33,142 satisfied customers
Mid year 2015 both trustees of trust passed away. EIN was
Mid year 2015 both trustees of trust passed away. EIN was issued Mid September 2015 and stated 1041 to be filed on 12/16/2015. There is an extension on the 1041. Question, is the income divided from b… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,172 satisfied customers
RVOC TR DTD Feb 26 2004. Both trustees passed away same year
RVOC TR DTD Feb 26 2004. Both trustees passed away same year in 2015. An EIN was issued on 12/16/2015. According to the IRS letter Form 1040 must of been filed by 12/16/2015? Does the decease do a 104… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
Joint Trust last trustee is now deceased (2014). There are 4
Joint Trust last trustee is now deceased (2014). There are 4 persons who are heirs-at-law. A final 1041 needs to be completed and the only tax doc received under the deceased name was a 1099-DIV & 109… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 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
47 satisfied customers
Filed 2014 tax return by due date in 2015. In May of 2015
filed 2014 tax return by due date in 2015. In May of 2015 received k-1 tax year beginning 04/01/14 and ending 03/31/2015. Can I put this on the 2015 tax year and considered 2015 income as it ended 03/… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 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
47 satisfied customers
On a decedent trust tax return 1041, are funeral expenses and
On a decedent trust tax return 1041, are funeral expenses and beneficiary travel costs deductible?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,142 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
15,569 satisfied customers
what if form 8855 was not filed and the trust is electing 645,
what if form 8855 was not filed and the trust is electing 645, do we just file with the return… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,142 satisfied customers
My client filed for a FEIN# XXXXX her Moms Trust after her Mom
My client filed for a FEIN# XXXXX her Mom's Trust after her Mom passed away on 2/26/13. Few questions: First, is it required to file a Trust return? I have only 1 Form 1099R $54k with only $7k taxable… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,142 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
47 satisfied customers
My client died in September of 2010. We requested an extension
My client died in September of 2010. We requested an extension of her tax return. She had a revocable trust, someone else was the trustee and beneficiary. We filed 1040s for her previously and reporte… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,142 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x