IRS Form 1041
IRS Form 1041 is used to pay Estate Income Tax or Estates and Trusts.
It's possible for a deceased person's estate or trust to continue generating revenue after their death. In these situations, the estate or trust is responsible for paying taxes.
Form 1041 is used to report any income, deductions, gains, and losses of an estate or trust. to calculate any potential tax liability.
An Executor or Trustee is responsible for filing Form 1041 with the IRS and the form must be filed annually if either has income of $600 or more.
The due date for filing Form 1041 is the 15th day of the 4th month following the close of the tax year (typically April 15th).
Also known as the Fiduciary Tax Return.
Estates and trusts may be subject to different tax rates and rules than individuals, so it's important to speak to a tax accountant when preparing Form 1041.