IRC section 6012 requires that an
annual income tax return be filed for estates and trusts. Data is
used to determine that the estates, trusts, and beneficiaries filed
the proper returns and paid the correct tax. IRC section 59
requires the fiduciary to recompute the distributable net income on
a minimum tax basis.
US Code:
26
USC 6012 Name of Law: Persons required to make returns of
income
US Code: 26 USC
59 Name of Law: Other definitions and special rules
US Code: 26
USC 641 Name of Law: Imposition of tax
US Code: 26
USC 652 Name of Law: Inclusion of amounts in gross income of
beneficiaries of trusts distributing current income only
US Code: 26
USC 6103 Name of Law: Confidentiality and disclosure of returns
and return information
PL: Pub.L. 109 - 222 102 Name of Law: Tax
Increase Prevention and Reconciliation Act 0f 2005
The fiduciary of a domestic
decedents estate, trust, or bankruptcy estate uses 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;
Any income tax liability of the estate or trust; and Employment
taxes on wages paid to household employees. Form 1041 - Beginning
with the 2008 revision, the instructions for Schedule D, Capital
Gains and Losses, and Schedule I, Alternative Minimum Tax--Estates
and Trusts, were removed from the Instructions for Form 1041 and
made into separate freestanding products. We also deleted old line
27 from Schedule D, Part V and old line 69 from Schedule I to
reflect the reduction in capital gains rates from 5% to 0% under
IRC section 1(h)(1)(B), as a result of P.L. 108-27, the Jobs And
Growth Tax Relief Reconciliation Act Of 2003. The filing
requirements for Schedule D or Schedule I did not change. Both
forms are still required to be filed as attachments to Form 1041 if
the filing requirements are met. The affect on burden associated
with these statutory requirements is a total burden decrease of
65,497,680 hours. Additionally, beginning with the 2008 revision,
Schedule I was removed from Form 1041 and made into a freestanding
Schedule. This and other changes were made as a result of agency
discretion in order to expedite delivery of Form 1041 and its
instructions to the public. Including the Schedules and their
Instructions in the 1041 product has led to print delays in the
past, so this change resulted in quicker release of the products.
The affect on burden of these changes result in a total burden
decrease of 5,694,610 hours. As a result of various changes
throughout the forms and schedules the total burden has been
reduced by 71,192,290 hours. Changes to the method and reporting of
the burden into the OMB database system, have resulted in an
estimated number of responses by 1,769,000 and a total burden
decrease of 13,800 hours.
$5,710,689
No
No
Uncollected
Uncollected
No
Uncollected
Jason Langley
2026224366
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form Form 1041 U.S. Income Tax Return for Estates and Trusts
2009 Summary of Changes.pdf
U.S. Income Tax Return for Estates and Trusts