For irrevocable trusts, the trustee files Form 1041 when applicable during the decedent’s lifetime and after their death. For revocable trusts, Form 1041 is only necessary after the trust owner dies, and the successor trustee is responsible for filing. During their lifetime, people who set ...
An estate or trust can generate income that gets reported on Form 1041, United States Income Tax Return for Estates and Trusts. However, if trust and estate beneficiaries are entitled to receive the income, the beneficiaries pay the income tax rather than the trust or estate. At the...
Filing obligations The party that will be paying you is responsible for requesting the W-9 form from you. However, the requester doesn't have a requirement to file the W-9 with the IRS. That person or business keeps the form on file and uses its information to prepare your information re...
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