2016 Form 1041-T. Allocation of Estimated Tax Payments to Beneficiaries (Under Code section 643(g)) - irs-2025

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It shows the taxpayers share of income as the beneficiary of an estate or trust. The electronic/magnetic media filing of Forms 1041 includes returns filed on magnetic media (magnetic tape or floppy diskette) or electronically.
The fiduciary of a domestic decedents estate, trust, or bankruptcy estate files Form 1041 to report: The income, deductions, gains, losses, etc. of the estate or trust. The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries.
643(g), Certain Payments of Estimated Tax Treated as Paid by Beneficiary. Shall be treated as a payment of estimated tax made by such beneficiary on January 15 following the taxable year.
Section 401(k) of the Code provides that a profit-sharing plan that includes a cash or deferred arrangement can meet the requirements of 401(a), provided that the cash or deferred arrangement constitutes a qualified cash or deferred arrangement.
A trust or, for its final tax year, a decedents estate may elect under section 643(g) to have any part of its estimated tax payments (but not income tax withheld) treated as made by a beneficiary or beneficiaries. The fiduciary files Form 1041-T to make the election. Once made, the election is irrevocable.
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An independent trustee is typically an individual or corporate entity who is not a beneficiary under the trust agreement and is not related or subordinate to the grantor, his or her spouse, or any of the grantors descendants within the meaning of 26 U.S. Code 672(c).
643(a), Distributable Net Income No deduction shall be taken under sections 651 and 661 (relating to additional deductions). No deduction shall be taken under section 642(b) (relating to deduction for personal exemptions).
CODE 642 (g) states: Amounts allowable under section 2053 or 2054 as a deduction in computing the taxable estate of a decedent shall not be allowed as a deduction in com- puting the taxable income of the estate or of any other person, unless there is filed, within the time and in the manner and form prescribed by the

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