2024 Schedule I (Form 1041) Alternative Minimum TaxEstates and Trusts-2025

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Final extended deadline for US Trusts to file Form 1041 For US trusts that were granted an extension to submit the Federal Income Tax return, September 30, 2024, is the final extended date to file Form 1041.
For tax year 2024, the 20% maximum capital gains rate applies to estates and trusts with income above $15,450. The 0% and 15% rates apply to certain threshold amounts. The 0% rate applies to amounts up to $3,150. The 15% rate applies to amounts over $3,150 and up to $15,450.
5-month extension to file If you need more time to file Form 1041, apply for an automatic 5-month extension. Submit Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns.
Form 1041: Estates or trusts must file Form 1041 by the fifteenth day of the fourth month after the close of the trusts or estates tax year. For example, for a trust or estate with a tax year ending December 31, the due date is April 15 of the following year.
October 15, 2025 Extended due date for 2024 Personal Income Tax returns.
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The maximum tax rate for long-term capital gains and qualified dividends is 20%. For tax year 2024, the 20% rate applies to amounts above $15,450. The 0% and 15% rates continue to apply to amounts below certain threshold amounts. The 0% rate applies to amounts up to $3,150.
How does an executor or trustee make a 65-day distribution election? There are two steps to eligibility for this particular tax treatment. The first is that the income has to actually be distributed to the beneficiary in the first 65 days of the new year (for leap years like 2024, that is by March 5).
An estate or trust is subject to the Alternative Minimum Tax (AMT) if it has income that exceeds the exemption amount or if it claims deductions that significantly reduce its regular tax liability. Common triggers include depreciation, passive activity losses, and tax-exempt interest from private activity bonds.

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