Qualified Subchapter S Trust Form For California
Description
How to fill out Irrevocable Trust Which Is A Qualifying Subchapter-S Trust?
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FAQ
A QSST is a trust with a single income beneficiary who makes an election (which can only be revoked with IRS consent) to be treated as the deemed owner (Sec. 1361(d)(3)).
Decedent's Estate. The fiduciary (or one of the fiduciaries) must file Form 541 for a decedent's estate if any of the following apply: Gross income for the taxable year of more than $10,000 (regardless of the amount of net income) Net income for the taxable year of more than $1,000.
To qualify as a QSST, the trust must require that all of the net income be distributed to a single beneficiary. While principal of the QSST may also be distributed to the beneficiary in the discretion of the Trustee, the QSST cannot provide for multiple beneficiaries.
Accepted forms Forms you can e-file for fiduciary: California Fiduciary Income Tax Return (Form 541) Capital Gain of Loss (Schedule D-541) Trust Allocation of an Accumulation Distribution (Schedule J)