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1041-t Form: What You Should Know

Individual, Partnerships or Estate. You can use a Form 1041-T to make an election to be treated as a beneficiary for estimated tax purposes. To make a trust election, you must (a) file Form 1041-T, Trust Election, with each applicable U.S. governmental unit and (b) complete one copy of the form. Note: To elect beneficiaries using Form 1041-T, do not make the election and instead use a Form 1045-S to include beneficiaries' names and other information on Form 2065, U.S. Individual Retirement Arrangements. If you are filing a joint return, your spouse must file a separate joint return for you and each of you (and each spouse in the joint return) to make a trust election. To allocate estimated tax payments to the beneficiaries for each year of the tax year, you must provide information on Form 1040NR. Use Form 1040NR to report your income for each year to which you elected to be a beneficiary of a trust. Note: There are two methods of allocation for each tax calendar with an estimated tax payment, for 2024 and for 2017. For 2017, you must file an election to make estimated tax payments. For 2016, to determine your allocation for the year, calculate the total of each individual's estimated taxes for all taxable years; divide that dollar amount by the total number of individuals for that taxable year. If your taxable income is less than zero and your trust will have more than the total estimated tax payments to allocate to beneficiaries of the trust, or if your trust is subject to a special allowance or limitation, your total estimated tax payments to all beneficiaries under the trust may be less than half of the total estimated tax payments to all beneficiaries under section 632(g)(1); you must calculate your allocation before you allocate any taxable years estimated tax payments.

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