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

FIDEL — ESTATES AND TRUSTS DERIVATIVES Any resident estate, including a nonresident estate, may elect to use an alternative minimum tax as its FIDUCIARY instead of the federal standard income tax liability. To vote for a fiduciary election, a person must: (1) Filing a copy of the election. In lieu of signing Form CT‑1041, a beneficiary may fill out this form, sign and date it, and send it by mail to the Secretary of State's Office for distribution to the fiduciary. The following are not valid forms of election: Form CT-1041A; (2) Filing with Forms 13F, 13I, and 13L. Form CT-1041A, Form CT-4043A and Form CT-1041P; any form with an additional question (e.g., CT-4043D); (3) Filing with a foreign qualified estate or foreign nonqualified estate. (The form may be used in Wyoming and North Dakota.) Form CT‑1041F for Fiduciaries Determining Foreign Capital Gains. Form CT‑5071C; Read the complete instructions before completing this form. 42.30.102.2 FIDUCIARY — PAYMENT OF DUCEY TAX If a fiduciary is required to pay a fiduciary tax payment to a nonresident estate or trust, see the instruction on Form CT‑1041F. Payment of Fiduciary Tax Payment to Nonresident Estate, Trust or Sub trust. Payment of Fiduciary Tax Payment to Nonresident Nonqualified Estate or Trust. Any nonresident Estate, Trust, or Sub-Trust must calculate the federal fiduciary tax liability for payments to the nonresident estate or trust in accordance with its tax laws. Payments of federal fiduciary tax liability must be made using: (1) Payroll or withholding method (otherwise the payment is a payment to an estate or trust); (2) Payment basis method (with payments to the nonresident estate or trust in the same category as the related qualified gift or bequest); (3) Alternative method (payment of the federal fiduciary tax liability using a tax-exempt gift or bequest within the same category as the related qualified gift or bequest received).

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