North Carolina Information Statement - Common Stock
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How to fill out Information Statement - Common Stock?
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FAQ
Trusts and estates are taxed at the rate levied in N.C. Gen. Stat. 105-153.7 for individual income tax.
The North Carolina Offer In Compromise program allows qualifying, financially distressed taxpayers the opportunity to put overwhelming tax liabilities behind them by paying a lump sum amount in exchange for the liability being settled in full. The law provides specific re- quirements for accepting an offer.
Your living trust North Carolina keeps your assets from needing to go through probate. Probate is the court process through which a will is verified and carried out. These procedures can take months to complete and involve the costs of an executor, attorney, and court fees.
Income from a trust is taxable, which is a major downside for beneficiaries. The trust itself must file a tax return when the trustor passes away, as there are no real tax benefits for trusts. However, this is often preferable to probate court, where a judge takes similar actions with the deceased's assets.
You must file a North Carolina income tax return if you received income while being a resident of NC or received income from NC sources. If you had North Carolina income tax withheld but do not meet the filing requirements, you must file a North Carolina return in order to receive a refund for any withholdings.