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West Palm Beach Florida Schedule J (1041 form) 2022: What You Should Know
In summary, it involves completing a tax return that contains income and deduction accounts related to the trust. You should obtain a copy of the actual return for the fiscal year in which the trust ended. The trust may end earlier than the end of the fiscal year in which the trust's return was filed if the end occurs before July 22, 2021. You may be able to delay (if the trust is exempt from income tax) or amend your Form 1041 for the coming tax year if you are a current or former trustee. These are the cases where the date of death of the deceased is on or before July 22, 2022, or if the trust was established with the consent of the decedent at any time before July 22, 2021. In cases where the trust was created in 2017, you should send a copy of your 2023 tax return to your tax preparer and have the copy verified by the IRS as of July 22, 2022. In cases where the trust was created years prior to 2023 (e.g.,”trust made in 1950”), or the decedent died before July 22, 2022, the trust should have completed an estate plan with respect to the trust. This means that the trust should have established a trust account for the decedent that will be maintained until all assets of the trust have been disposed of or the trust has converted to an annuity or similar plan. Also, if the trust's tax return for the tax year 2023 included the value of the trust's common stock distributed to you, you should file the trust tax return with respect to the trust's taxable income resulting from that distribution. This is typically considered a capital gain and is reported as income on the trust tax return. Finally, the trust should have completed an agreement document with you detailing the transfer and distribution rights that will affect the distribution of assets to a qualified third party when the trust passes. (This typically occurs in 2023 and subsequent trusts). This is generally done by sending a copy of the trust agreement document with your trust tax return. This document can usually be found in your tax preparer's library or can be called up in your tax return. In all, I hope this information is helpful to you and your family. I know I can be at a loss as to how to prepare your Form 1040 for the coming tax season.
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