Trust Tax Form 1041
Our Firm can assist with federal and state estate and trust tax returns for a variety of structures. We can prepare form 1041. Whether it is an ILIT, a grantor trust, special needs trust or an intentionally defective trust, we have the knowledge and experience to guide you through all the complexities of these entities.
Trust tax returns that are a result of a grantor trust becoming irrevocable can result if different tax presentations depending on whether or not there were distributions to the beneficiaries during the year. Some trust tax returns result in trust income being taxed at the trust level. Some trust tax returns result in the issuance of a Form K-1 and any income is pasted to the beneficiaries. The trust tax is then paid on the beneficiaries income tax return.