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  • 2016 Form 5227. Split-interest Trust Information Return

Get 2016 Form 5227. Split-interest Trust Information Return

Form 5227 OMB No. 15450196 SplitInterest Trust Information Return See separate instructions. Information about Form 5227 and its instructions is at www.irs.gov/form5227. Do not enter social security.

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A split-interest trust that under its terms is to continue to hold assets for charitable beneficiaries after the noncharitable interest expires rather than distributing them is allowed a reasonable period of time for settlement before being treated as a charitable trust.

If the amended return results in a change to income, or a change in distribution of any income or other information provided to a recipient, an -4- Instructions for Form 5227 Page 5 amended Schedule K-1 (Form 1041) must be filed with the amended Form 5227 and a copy given to each recipient.

If the estate generates more than $600 in annual gross income, you are required to file Form 1041, U.S. Income Tax Return for Estates and Trusts. An estate may also need to pay quarterly estimated taxes.

What is a split-interest charitable trust? Split-interest means the interest in the property is split into two parts: the income interest and the remainder interest. Both interests can be assigned to a charity or charities, one or more non-charitable beneficiaries, or both, depending on the type of trust.

Tax Filings for Charitable Remainder Trusts Charitable remainder trusts must annually file Form 5227, Split-Interest Trust Information Return. Form 5227: Reports financial activities, including the disposition of the trust's assets. Accounts for current-year and accumulated trust income.

During the life of the trust all financial activity, including gains and losses from the trust principal assets (also known as corpus), must be reported annually to the Internal Revenue Service on Form 5227, Split Interest Trust Information Return, and Form 1041-A, Trust Accumulation of Charitable Amounts.

Use Form 5227 to: Report the financial activities of a split-interest trust. Provide certain information regarding charitable deductions and distributions of or from a split-interest trust.

There are two basic types of charitable trusts: charitable lead trusts (CLTs) and charitable remainder trusts (CRTs). The primary difference between the two comes down to a matter of who receives the income stream during the life of the trust, and who receives the remaining assets when the trust ends.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232