Form10412021Department of the TreasuryInternal Revenue Service. S. Income Tax Return for Estates and Trusts Go to www.irs.gov/Form1041 for instructions and the latest information. A Check all that
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Hey it's Darius students have recently been telling me that they've been seeing simulations on the Reg exam on estates and trusts in particular questions about transactions that happened shortly before a taxpayer died or maybe right after the tax payer died and the question on the exam is what tax return to those items get reported on, so I decided to put a sim together that handles exactly that so here at CPA exam tutoring calm we take your thoughts and inputs very seriously in fact most of my new material is as a result of your request so don't just subscribe to the YouTube channel but actually go to CPA exam tutoring com click ask Darius email me let me know what you would like to see as the next upload or ask me any other question I'll get back to you personally so upon the death of a taxpayer a new tax paying entity known as the taxpayers estate is born interesting choice of words is born then to make sure no taxable income falls through the cracks, so somebody dies right away a new tax paying entity is created called the taxpayers' estate why to make sure that the taxable income doesn't fall through the cracks there's also deductions that are allowed maybe to be taken on this new entity, but the IRS doesn't really care so much about those deductions they want to make sure that the income that the person was going to pick up doesn't fall through the cracks just because they died, so generally this income is taxed either on the taxpayers final 1040 or on the return of the beneficiary who acquires the right to receive the income if that happens before the end of the year and somebody gets the asset then they get the right to acquire that income but if nobody gets the asset yet then the asset stays in the estate and then the income is taxed to the estate if they receive $600 or more of income, so this income is something that was earned maybe right before the taxpayers death or maybe right after the taxpayers death, and they're gonna ask you which tax return does it appear on the 1040 which is the final return of the taxpayer who died or the 1041 which is the state's income tax return so the incomes gotta be picked up by somebody, and it is possible also that a beneficiary inherited the asset quickly right away, so then the income might actually get picked up by that beneficiary maybe the taxpayers daughter or the taxpayers spouse or the taxpayers someone else, so we're gonna look here jack here's the facts Jack's unmarried was a self-employed consultant for the telecommunications' industry in 2022 prior to his death so that's what he did he was self-employed in 2022 before 2022 they tell us Jack worked as an employee for a large telecom company.
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