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Form 1041 (Schedule I) AR: What You Should Know

If you have received a Schedule K-1, you have to file an amended or correct Schedule K-1 in order to be eligible for an amortization extension under section 72(p). If your income is substantially equivalent, and you did not receive an amortization extension, you can avoid this requirement by filing a Form 7035 and withholding 10 percent of your adjusted gross income from your gross income for the current tax year, instead of the current tax year and the prior 3 tax years. For more information about decedents estates and trusts, read the section below. Fiduciary Income Tax Form 706 — Qualified Fiduciary Income. If You Are an Attorney, Surgeon, or Therapist. If you are an attorney or physician and a beneficiary (not including the decedent's estate) who receives income from a specific practice as an attorney, practitioner of medicine, or psychologist, or as an employee of a hospital and a practitioner of medicine, a doctor of dentistry, osteopathic physician, osteopath, surgeon, or therapist (with respect to such income), or an officer, director, or manager of a foundation or charity where the income is from specific practice activities, you can use Form 706, Qualified Fiduciary Income, to figure which of your qualified income is subject to the Medicare tax on the amount of income, or you can use Form 710, Self-Employed IRA Plan Income, to figure the amount that is subject to the 10 percent early withdrawal penalty. If you are an attorney, practitioner of medicine, or psychologist, who is a beneficiary or other person who receives income from a practice only for the purposes of practicing or practicing medicine (unless the practice is not an entity that is organized or conducted for profit and has a bona fide plan to make at least 90 percent of its gross income from a single source of service), you can complete Form 706, Qualified Fiduciary Income. This form also can be used by a practitioner with respect to qualified doctor or dentist benefits. If you are a beneficiary, however, who receives an income from a practice only for the purposes of practicing or practicing medicine for the benefit of a qualifying patient, you cannot use Form 706. It is important for you to keep an eye on the tax status of your IRA contributions and distributions.

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