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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!

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3/20/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,668
Experience: Taxes, Immigration, Labor Relations
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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.

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Customer reply replied 27 days 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
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Satisfied Customers: 32,668
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