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I have another question. The 1041 I'm completing is for my
I have another question. The 1041 I'm completing is for my mother's revocable trust. She died in January 2019. From what I've read, up until the time of her death, the trust was considered a grantor t… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My mom passed 7/19/19. When I get the tax number for her
My mom passed 7/19/19. When I get the tax number for her trust, do I elect the 645 and when would I have to file the 1041? October 2020 provided I use the fiscal year? … read more
ALEX O
ALEX O
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My sister passed away in December. I am the appointed
My sister passed away in December. I am the appointed Personal Representative/Executor of her Estate. She has an investment that is payable to her Revocable Trust, however although the trust papers we… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am and executor for an estate. Funds were distributed,
I am and executor for an estate. Funds were distributed, some in 2017 and some in 2018. I need to know if I need to file taxes for this year or next, since all tax liability should be passed to the be… read more
Chad EA, CDFA®, CFP®
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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
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Bachelor's Degree Equivalent
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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
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Bachelor's Degree Equivalent
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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
4,166 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
2,096 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
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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
19,422 satisfied customers
My father passed away last year. One month before he died s
My father passed away last year. One month before he died his house was sold which was in a family revocable trust so the proceeds went to the trust. I am the executor of my father's estate and an ind… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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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
19,422 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
19,422 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
48,722 satisfied customers
Would there be any reason why an estate which has no trust,
Would there be any reason why an estate which has no trust, just a will, not file on a fiscal year. Date of death was nov 1, the estate should be settled by June. So a fiscal year would have 1 filing … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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When a Code Section 645 election is made to file Qualified
When a Code Section 645 election is made to file Qualified Revocable Trust as part of the Estate, and the Estate is closed; however, the Trust is to continue. How is this reported for income tax purpo… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,666 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
19,422 satisfied customers
A LIVING TRUST IS ACTIVATED UPON THE DEATH OF THE GRANTOR AND
A LIVING TRUST IS ACTIVATED UPON THE DEATH OF THE GRANTOR AND BECOMES A TAXABLE ENITITY. AN ESTATE CAN CHOOSE A NON-CALENDAR YEAR END. WHAT ABOUT AN ACTIVATED LIVING TRUST? CAN IT CHOOSE A NON-CALENDA… read more
MequonCPA
MequonCPA
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