Federal Allocation of Estimated Tax Payments to Beneficiaries (Under Code section 643(g))
Extracted from PDF file 2023-federal-form-1041-t.pdf, last modified November 2022
Allocation of Estimated Tax Payments to Beneficiaries (Under Code section 643(g))Form 1041-T Allocation of Estimated Tax Payments to Beneficiaries OMB No. 1545-1020 Go to www.irs.gov/Form1041T for the latest information. 2022 (Under Code section 643(g)) Department of the Treasury For calendar year 2022 or fiscal year beginning Internal Revenue Service Name of trust (or decedent’s estate) Fill In Fiduciary’s Name and Address Only if You Are Filing This Form Separately and Not With Form 1041. 1 2 , 2022, and ending , 20 Employer identification number Name and title of fiduciary Telephone number (optional) Number, street, and room or suite no. (If a P.O. box, see instructions.) City, state, and ZIP code If you are filing this form for the final year of the estate or trust, check this box . . . Total amount of estimated taxes to be allocated to beneficiaries. Enter here and on Form 1041, Schedule G, Part II, line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Allocation to beneficiaries: (a) No. (d) Amount of estimated tax payment allocated to beneficiary (c) Beneficiary’s identifying number (b) Beneficiary’s name and address 1 (e) Proration percentage % 2 % 3 % 4 % 5 % 6 % 7 % 8 % 9 % 10 % 3 Total from additional sheet(s) . . . . . . . . . . 3 4 Total amounts allocated. (Must equal line 1, above.) . . . . . . . . . . 4 Sign Here Only if You Are Filing This Form Separately and Not With Form 1041. . . . . . . . Under penalties of perjury, I declare that I have examined this allocation, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Date Signature of fiduciary or officer representing fiduciary For Paperwork Reduction Act Notice, see instructions. Cat. No. 64305W Form 1041-T (2022) Page 2 Form 1041-T (2022) General Instructions Line 1 Section references are to the Internal Revenue Code. Enter the amount of estimated tax payments made by the trust or decedent’s estate that the fiduciary elects to treat as a payment made by the beneficiaries. This amount is treated as if paid or credited to the beneficiaries on the last day of the tax year of the trust or decedent’s estate. Be sure to include it on Form 1041, Schedule B, line 10. Future Developments For the latest information about developments related to Form 1041-T and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form1041T. Purpose of Form A trust or, for its final tax year, a decedent’s estate may elect under section 643(g) to have any part of its estimated tax payments (but not income tax withheld) treated as made by a beneficiary or beneficiaries. The fiduciary files Form 1041-T to make the election. Once made, the election is irrevocable. How To File Attach Form 1041-T to Form 1041, U.S. Income Tax Return for Estates and Trusts, only if you are making the election with Form 1041. Otherwise, file Form 1041-T separately. ! ▲ Filing Form 1041-T with Form 1041 doesn’t change the due date for filing Form 1041-T. See When To File below for the due date for filing Form 1041-T. CAUTION When To File For the election to be valid, a trust or decedent’s estate must file Form 1041-T by the 65th day after the close of the tax year as shown at the top of the form. If the due date falls on a Saturday, Sunday, or legal holiday, file on the next business day. For a 2022 calendar year decedent’s estate or trust, that date is March 6, 2023. Period Covered File the 2022 form for calendar year 2022 and fiscal years beginning in 2022 and ending in 2023. If the form is for a fiscal year or a short tax year, fill in the tax year space at the top of the form. Where To File If you are located in: Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, Wisconsin Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wyoming Please mail to the: Department of the Treasury Internal Revenue Service Kansas City, MO 64999 ! ▲ CAUTION You can’t allocate to a beneficiary tax withheld from income, such as withholding from lottery or other gambling winnings, or from salary or pension payments reported on Form 1041. You must report this withholding on Form 1041, Schedule G, Part II, line 14. Line 2 Column (b)—Beneficiary’s name and address. Group the beneficiaries to whom you are allocating estimated tax payments into two categories. First, list all the individual beneficiaries. Then, list all the other beneficiaries. Column (c)—Beneficiary’s identifying number. For each beneficiary, enter the appropriate taxpayer identification number (TIN). This is generally the social security number (SSN) for individuals or employer identification number (EIN) for all other entities. Failure to enter a valid SSN or EIN may cause a delay in processing and could result in penalties being imposed on the beneficiary. For those beneficiaries who file a joint return, you can assist the IRS in crediting the proper account by also providing the SSN, if known, of the beneficiary’s spouse. However, this is an optional entry. Column (d)—Amount of estimated tax payment allocated to beneficiary. For each beneficiary, also report this amount in box 13 of Schedule K-1 (Form 1041), using code A. Column (e)—Proration percentage. For each listed beneficiary, divide the amount shown in column (d) by the amount shown on line 1 and enter the result as a percentage. Line 3 If you are allocating a payment of estimated taxes to more than 10 beneficiaries, list the additional beneficiaries on an attached sheet that follows the format of line 2. Enter on line 3 the total from the attached sheet(s). Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure the correct amount of allocated tax payments. You aren’t required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103. The time needed to complete and file this form will vary depending on individual circumstances. The estimated average time is: Department of the Treasury Internal Revenue Service Ogden, UT 84201 A foreign country or a U.S. possession Specific Instructions Address Include the suite, room, or other unit number after the street address. If the post office doesn’t deliver mail to the street address and the fiduciary has a P.O. box, show the box number instead of the street address. Recordkeeping . . . . . . . . . . . . . 6 min. Learning about the law or the form . . . . . . . . . . . . . . . 4 min. Preparing the form . . . . . . . . . . . . . 15 min. Copying, assembling, and sending the form to the IRS . . . . . . . . . . 16 min. If you have comments concerning the accuracy of these time estimates or suggestions for making Form 1041-T simpler, we would be happy to hear from you. You can send us comments from www.irs.gov/ FormComments. Or you can send your comments to Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Don’t send the form to this address. Instead, see Where To File on this page.
2022 Form 1041-T
More about the Federal Form 1041-T Other Estimated TY 2023
We last updated the Allocation of Estimated Tax Payments to Beneficiaries (Under Code section 643(g)) in February 2023, so this is the latest version of Form 1041-T, fully updated for tax year 2022. You can download or print current or past-year PDFs of Form 1041-T directly from TaxFormFinder. You can print other Federal tax forms here.
Other Federal Other Forms:
TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms.
|Form Code||Form Name|
|Form W-4V||Voluntary Withholding Request|
|Form 8840||Closer Connection Exception Statement for Aliens|
|Form W-4P||Withholding Certificate for Pension or Annuity Payments|
|Form 433-D||Installment Agreement|
|Form 1310||Statement of Person Claiming Refund Due a Deceased Taxpayer|
View all 775 Federal Income Tax Forms
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 1041-T from the Internal Revenue Service in February 2023.
Form 1041-T is a Federal Other form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
Historical Past-Year Versions of Federal Form 1041-T
We have a total of thirteen past-year versions of Form 1041-T in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2022 Form 1041-T
2022 Form 1041-T
2021 Form 1041-T
2020 Form 1041-T
2019 Form 1041-T
2018 Form 1041-T
2017 Form 1041-T
2016 Form 1041-T
2015 Form 1041-T
2014 Form 1041-T
2013 Form 1041-T
2012 Form 1041-T
2011 Form 1041-T
While we do our best to keep our list of Federal Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.