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

PDF — IRS Form 1042, U.S. Income Tax Return for Estates and Trusts, reports information for all estates and trusts that: have total income of more than 1 million, have total estate or trust property of more than 5 million, or have an assessed value of more than 25,000. If you owe any taxes, go to Tax Tips for information about paying the tax bill when you file Form 1042. If you have a trust, go to Tax Tip for the Trusts page to get information about estate planning. If you are a nonresident trust, you may file your return using Form 942, Nonresident Alien Individual Income Tax Return. If your returns are filed using Form 940 or 940A (or Form 4781), your 1040 must also be filed using Form 1120S. If you are filing a joint return to file with your spouse, use Form 1120S with Form 1041-X or 1041-Y. If you are filing a separate return to file with your spouse, use Form 1120S if either of you is an owner of a business. It also may be filed using Form 1040X or Form 1040-X, if you are a nonresident alien. You can use Form 1040S with a Form 1045, Nonresident Alien Investor Return. Form 1042 or Form 1041 may be used for any taxable year (for a joint return filing on Form 1041) or for only part of a calendar year. A trust created for the sole purpose of obtaining a tax exemption for personal use (such as the sole purpose of avoiding a corporate tax on interest income) may use Form 1042 to file for its exemption. If you and your spouse have a joint tax return, you may use only Form 1042 for part of the year, but may file Schedule H for part of the year. If your estate or trust has a nontaxable interest or property, you may use Schedule H for that property. You may also use Schedule H to figure capital gains from the sale of a security or a depreciated asset. If your spouse does not file a joint return, and you file a separate return, you should use Form 1120S, Nonresident Alien Individual Income Tax Return.

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