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Does NC have an estate tax return?

The inheritance tax was repealed for estates of decedents dying on or after January 1, 1999. Filing Requirement A North Carolina Estate Tax Return is required to be filed by the personal representative if a federal estate tax return (Form 706) is required to be filed with the Internal Revenue Service.

Where does trust income go?

Generally, the net income of a trust is taxed in the hands of the beneficiaries (or the trustee on their behalf) based on their share of the trusts income (that is, the share they are presently entitled to) regardless of when or whether the income is actually paid to them.

Where is trust income reported on tax return?

Schedule K-1 (Form 1041), Beneficiarys Share of Income, Deductions, Credits, etc. Use Schedule K-1 to report a beneficiarys share of the estates or trusts income, credits, deductions, etc., on your Form 1040, U.S. Individual Income Tax Return.

Is trust income subject to federal income tax?

Income from a trust is taxed just like capital gains: in both short-term and long-term fashion, with more favorable rates for the latter. There are a number of different tax deductions a trust may be eligible for. Planning out the tax situation for your trust can pay major dividends down the road.

Who must file a NC trust return?

The fiduciary responsible for administering the estate or trust is responsible for filing the return and paying the tax.

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