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Fiscal year beginning OMB No. 1545-0092 , 2003, and ending Name of estate or trust (If a grantor type trust, see page 12 of the instructions.) , 20 C Employer identification number D Date entity created E Nonexempt charitable and splitinterest trusts, check applicable boxes (see page 13 of the instructions): Simple trust Complex trust Qualified disability trust Name and title of fiduciary ESBT (S portion only) Grantor type trust Number, street, and room or suite no. (If a P.O. box.
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24b FAQ
Key Takeaways. Funds received from a trust are subject to different taxation than funds from ordinary investment accounts. Trust beneficiaries must pay taxes on income and other distributions from a trust. Trust beneficiaries don't have to pay taxes on returned principal from the trust's assets.
The two basic trust structures are revocable and irrevocable. The biggest difference is that revocable trusts can be changed after they are created, while irrevocable trusts typically cannot.
A simple trust must distribute all its income currently. Generally, it cannot accumulate income, distribute out of corpus, or pay money for charitable purposes. If a trust distributes corpus during a year, as in the year it terminates, the trust becomes a complex trust for that year.
For complex non-grantor trusts, the tax may be paid by the beneficiaries, the trust itself, or a combination, depending on the circumstances in any given year. While the maximum rates are the same for a trust and an individual, trusts are taxed more aggressively than individuals.
A simple trust is required to distribute all income to the beneficiaries (equal to the trust's income distribution deduction). The K1 carries this income to the individual and beneficiary pays tax whether or not they actually received a distribution. Beneficiary pays the tax even if no distribution was actually made.
Complex Trust Taxation Any trust that doesn't meet the guidelines to qualify as a simple trust is considered to be a complex trust. Complex trusts can take deductions when computing taxable income for the year. This deduction is equal to the amount of any income the trust is required to distribute for the year.
Simple trusts are required to distribute all of their income to beneficiaries, and as such, the beneficiary is responsible for paying any taxes on that income. In contrast, complex trusts are allowed to retain some of their income and are thus responsible for paying any taxes on that income.
You must file Form 1041 for a domestic trust that has: Any taxable income for the tax year. Gross income of $600 or more (regardless of taxable income) A beneficiary who is a non-resident alien.
24a Related content
complex trust | Wex | US Law | LII / Legal...
A complex trust is one that does not fulfill the IRS conditions of a simple trust. The...
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