Form 741 *1200020029* 42A741 Department of Revenue For calendar year or other taxable year beginning , 2012, and ending , 2013 - revenue ky: Fill out & sign online

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Who must file a 1041 tax return?

If the estate generates more than $600 in annual gross income, you are required to file Form 1041, U.S. Income Tax Return for Estates and Trusts. An estate may also need to pay quarterly estimated taxes.

What does fiduciary form mean?

Form 1041 (fiduciary tax return) is the income tax form used for estates and trusts. It is used to report INCOME in the estate or trust, including sales of property. The estate or trust exists until final distribution of its assets.

What is a fiduciary tax return?

What is Fiduciary Income Tax? If you are responsible for overseeing an estate or trust, you are the fiduciary of that estate or trust. Estates and trusts can own property and receive income, just like an individual or business. Fiduciary income tax is the tax that is paid on income received by estates and trusts.

What is considered income for Form 1041?

If the estate generates more than $600 in annual gross income, you are required to file Form 1041, U.S. Income Tax Return for Estates and Trusts. An estate may also need to pay quarterly estimated taxes.

Does Michigan require an estate tax return?

Michigans estate tax is not operative as a result of changes in federal law. An inheritance tax return must be filed for the estates of any person who died before October 1, 1993.

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