Federal Form 5227 (Split-Interest Trust Information Return)-2025

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If the split-interest trust has any taxable income, it may still be required to file Form 1041 to report and pay tax on that income.
Q: Do trusts have a requirement to file federal income tax returns? A: Trusts must file a Form 1041, U.S. Income Tax Return for Estates and Trusts, for each taxable year where the trust has $600 in income or the trust has a non-resident alien as a beneficiary.
Electronic filing. Under final regulations (T.D. 9972) issued in February 2023, filers are required to file Form 5227 electronically if they file 10 or more returns in the aggregate in a calendar year. The regulations are effective for returns required to be filed for tax years ending on or after December 31, 2023.
An exemption trust is a trust designed to drastically reduce or eliminate federal estate taxes for a married couples estate. This type of estate plan is established as an irrevocable trust that will hold the assets of the first member of the couple to die.
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.

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You are required to file a tax return for the trust if its gross income is $600 or more unless an exception applies such as if it is a grantor trust where the grantor reports all of the income and expenses on their own personal tax return.
Trusts do not have to pay taxes on the portion of their income that they distribute to beneficiaries in the same calendar year as it was earned. (This is because beneficiaries pay taxes on this income.)
A charitable remainder annuity trust or a charitable remainder unitrust is exempt from California income tax, except for years when it has unrelated business taxable income (UBTI). Even though exempt from California income tax, such a trust must file Form 541-B for the calendar year.

form 5227 split interest trust