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Form 1041 for Salt Lake Utah: What You Should Know

You can do so for the following Utah trusts: Your Beneficiary in a Utah Retirement Investment Trust (IRT) A Utah Retirement Planning Trust All the following Utah trusts must report your Utah income. A Utah Retirement Investment Trust You may have received a letter in the mail from an agent of the state Utah Board of Examiners of Financial Institutions (BEI) telling you that you did not follow the requirements to file an income tax return and are required to report on Form 1040 (and possibly on Form 1045) your income from Utah and report the amount of exempt income on Form 1040. We received this letter. We will look at the information on this letter and report this information on our return. I am not a tax attorney, so I cannot tell you, to your benefit, whether this letter should have gone to an accountant. However, if you received this letter from an agent of any government agency or if you filed a state-assessed tax, the BEI may be able to provide guidance as to the requirements to file a Utah tax return and report your income in lieu of Form 1040. It should be considered a good sign that the BEI provides such information to you prior to sending you a letter. Jun 17, 2024 — The Tax Commission (TCC) sent a letter that is not required. As we have discussed, there is an option where the trustee (trust or of a tax-exempt fund in Utah) is the trustee, but the person who is receiving the distributions is not. However, the trustee does need to report this income on a return if the person who is a beneficiary is receiving distributions. Please refer to your plan materials for more information on these forms.  July 10, 2024 — This tax year we filed a “Utah Fiduciary Income Tax Return and Certificate of Authority; and Utah Form T 1041”, and received a return stating that our name was withheld for non-response when we did not respond within the given time period.  This is expected to be resolved as of the first tax due date. You will not be penalized for missing or failing to file this filing. If you need assistance with your tax return or form, please call the Utah County Tax Administration Unit at and ask the TCC Agent to call you back.

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