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Screen 1041 - Fiduciary, Estate, Trust, General, Year End
Identification Information
Estate / trust: Name / Name, continued
The estate or trust name can only contain alpha characters (A-Z), numeric characters (0-9), an ampersand (&), and a hyphen (-). The first character of the estate or trust name must be an alpha character. If the name contains a title or suffix that is a numeric relationship, convert the title or suffix to a Roman numeral. For example, enter Jim Smith 3rd as Jim Smith III.
Estate / trust: Family name for electronic filing name control
If you're electronically filing this return, enter the family name of the estate or trust. This information calculates the name control for the 1041 electronic file. If you leave this field blank and the
Name control (Force)
field blank on the ELF screen, the IRS will reject the return.Fiduciary: SSN / EIN
Enter the SSN/EIN here. To see the SSN/EIN on Form 1041, enter
X
in the Fiduciary: Financial institution
field.Fiduciary: Name/../Telephone number
If there is more than one fiduciary for this return, enter the name and information for the for the fiduciary that is responsible for signing Form 1041. Use the
Fiduciary: Joint fiduciary information
statement to enter the additional fiduciaries.Joint fiduciary information
Enter the name and address information for any additional fiduciaries. For Form 1041, a statement generates with the return in accordance with Regulation 1.6012-3(c) and lists the joint fiduciaries with space for signatures, if desired.
Name for facsimile signature
If the fiduciary is sending a separate signature letter with a group of Form 1041 returns, enter the facsimile signature that you want to show in the signature section of Form 1041. Per Revenue Ruling 68-500, this option is not available for any other fiduciary forms that requires a signature.
State of residency
The state you enter in the fiduciary's address will automatically populate here. This information is for state depreciation calculations, state residency calculations, state allocation spreadsheets, and to determine which state to use for state-if-different (SID) Schedule K-1 financial data sharing.
Estate / Trust Information
Type of entity
Simple trust is the default entry for the type of entity, unless you specify another. You can't electronically file an agency trust, bankruptcy estate, pooled income fund, charitable trust, or qualified funeral trust returns.
Type of entity | Form | Beneficiary allocation |
|---|---|---|
Decedent's estate | 1041 or 1040NR, exemption $600 | No default allocation on Schedule K-1 |
Simple trust (default) | 1041 or 1040NR, exemption $300 | 100% of the lesser of net accounting income or distributable net income allocated on Schedule K-1 |
Simple trust distributing corpus (Complex 300) | 1041 or 1040NR prepared as a complex trust, exemption $300 | No default allocation on Schedule K-1 |
Complex trust | 1041 or 1040NR, exemption $100 | No default allocation on Schedule K-1 |
Qualified disability trust | 1041 or 1040NR, exemption $4,050 | No default allocation on Schedule K-1 |
ESBT (Return has only S Corporation income) | 1041, no exemption | No distribution to beneficiaries |
ESBT (Return has non-S Corporation income) | 1041 prepared as a complex trust | No default allocation of non-S Corporation portion on Schedule K-1 |
Qualified Subchapter S trust | 1041 prepared as a simple / grantor trust, exemption $300 | Allocated only to first beneficiary; 100% of the lesser of net accounting income or distributable net income of the non-S Corporation portion allocated on Schedule K-1; 100% of S Corporation portion on Grantor / Agency Report |
Grantor trust | 1041, no exemption | 100% allocated on Grantor / Agency Report |
Agency relationship | N/A | 100% allocated on Grantor / Agency Report |
Partial grantor trust (also includes Crummey Trusts, 5 x 5 Trusts, etc.) | 1041 prepared as a complex / grantor trust, exemption $100 | No default allocation of income entered for Form 1041 on Schedule K-1; 100% of income entered in View > Beneficiary Information > Partial Grantor allocated to beneficiary selected on Grantor / Agency Report. |
Bankruptcy estate - chapter 7 | 1041 prepared as a cover page for Form 1040 | N/A |
Bankruptcy estate - chapter 11 | 1041 prepared as a cover page for Form 1040 | N/A |
Pooled income fund | Both 1041 and 5227 prepared | No default allocation on Schedule K-1 |
Qualified funeral trust | 1041-QFT prepared with tax calculated per owner | N/A |
Bankruptcy estate - tax from Form 1040
Enter the amount of tax calculated on Form 1040 (including the Net Investment Income Tax, if applicable) for the bankruptcy estate. Entering this data prepares Form 1041 only as a transmittal for the bankruptcy estate’s return.
Qualified funeral trust - contract information
The values you enter here allocate the income and calculate the tax on Form 1041-QFT for composite returns (more than one owner).
Split-interest trust type
Enter the split-interest trust type code that represents the type of charitable trust. When preparing a split-interest trust, the
Type of entity
should be either a complex trust or grantor trust.Code | Form | Beneficiary allocation |
|---|---|---|
1 | 1041 and 5227 | If this is a grantor trust, the beneficiary information prints on the Grantor / Agency Report; otherwise the beneficiary information prints on Schedule K-1. |
2 | 5227 | The beneficiary information prints on Schedule K-1 based on income ordering rules. |
3 | 5227 | The beneficiary information prints on Schedule K-1 based on income ordering rules. |
5 | 1041 and 5227 | If this a grantor trust, the beneficiary information prints on the Grantor / Agency Report; otherwise the beneficiary information prints on Schedule K-1. |
Superseding return
Enter
X
if this is a subsequent return filed before the original due date. A superseding return is considered the original return because it replaces any other return previously filed, either electronically or on paper.General Information
IRS may discuss return with preparer
If you're electronically filing the return and you complete this field, you must enter a firm phone number in Setup then System Configuration.
Prior year-ends, if different
Use these fields only if your client has ever had or currently has a short tax year and you are calculating depreciation.