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Form 1041 Irvine California: What You Should Know

Trust tax returns are an important aspect as a trust's federal income tax liability is divided into two portions. The first, or federal return, is called the distributive share, and the second, or federal return, is the gross estate. Income received from a trust does not increase the federal estate tax owed, but it may increase the gross estate tax. It is important that you know the difference between the gross estate tax and the distributive tax. The gross estate tax is the total tax due on each beneficiary's distributive share of any distribution from the trust. Federal taxes are assessed on a gross estate. This is called the gross estate tax. Trusts are not obligated by law to pay to the federal government any taxes except those tax imposed by the federal income taxes and the state income taxes imposed by the relevant state law. Trusts that die after the decedent's death (after the date of death if the gift was made prior to the decedent's death in that manner) are not required to pay the federal estate tax, unless the trust is also a designated beneficiary as defined at section 1040A, which would be for purposes of determining the amount of the income tax. There is no minimum amount for the distribution. However, if the trust's income exceeds the minimum distributions required, the trust is required to pay a mandatory 10% of its gross estate in addition to the federal estate tax. Generally, the mandatory 10% of gross estate is equal to the amount of income the taxpayer is to report the year the decedent's death occurred, plus the net estate and income taxes due for the year in effect prior to the decedent's death. See Trust, Probate, and Estate Planning. If the trust is a designated beneficiary (described on page 20 of Publication 519, U.S. Trusts) and its income exceeds the minimum distributions required, the trust is required to pay a mandatory 30% of its gross estate in addition to the federal estate tax. See Trust, Probate, and Estate Planning. The amount of federal estate tax due varies by age of the beneficiary and the year of the decedent's death. On the first day of the taxable year of the decedent (for estates under the age of 59 1/2), the estate's federal estate tax due is zero.

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