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Form 1041 (Schedule I) online Philadelphia Pennsylvania: What You Should Know

Return is vital to maximizing a tax-sheltered estate, ensuring your tax-sheltered estate is maintained in the appropriate tax bracket and ensuring the highest possible tax rate. The following is general information.  However, estate-related tax planning must be tailored to the specific situations of each individual and each return filed. 1. Form 1041(a)(1) is an information return that is required to be filed by a private foundation or a corporation for taxable years ending after Dec. 31, 2017, and not during that taxation year.  This form will be required when transferring real property to another entity or when a private foundation or corporation ceases to hold real estate.  Form 8283(f) (also included on Form 1040) must be also be filed. 1.1 Form 1041(a)(1) is due on or before May 15, 2018. (If your taxable year ends on or after this date, there is no need to file Form 1041.) • The first page of Form 1041(a)(1) will list the name and address of the person who is the sole beneficiary of the estate, or the person (or business entity) to whom the decedent was giving the real or personal property.  You will also be provided a statement providing information about the decedent. • A separate form 1041(a) must be filed for each gift or transfer for which the estate does not provide information, or only limited information is provided. • Form 1041(a)(1) should be filed for trusts that have at least one partner for whom a personal representative is appointed. • Form 1041(a)(2) should be filed when property is transferred to another trust, not directly to a beneficiary of the trust. 1.2 You also need to file a 1041(b) for the estate, for gifts to a charity, for transfers of assets to other persons, and for transfers to charitable organizations, foundations, and government entities or agencies.

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