U.S. Income Tax Return for Estates and Trusts

ICR 201011-1545-014

OMB: 1545-0092

Federal Form Document

ICR Details
1545-0092 201011-1545-014
Historical Active 201007-1545-060
TREAS/IRS
U.S. Income Tax Return for Estates and Trusts
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved with change 02/17/2011
Retrieve Notice of Action (NOA) 12/08/2010
Short statement was revised to better address burden changes.
  Inventory as of this Action Requested Previously Approved
09/30/2013 09/30/2013 09/30/2013
11,513,150 0 10,513,150
375,796,476 0 375,066,476
0 0 0

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 59 Name of Law: Other definitions and special rules
   US Code: 26 USC 6012 Name of Law: Persons required to make returns of income
   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
  
None

Not associated with rulemaking

  75 FR 10018 03/04/2010
75 FR 44308 07/28/2010
No

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 11,513,150 10,513,150 0 1,000,000 0 0
Annual Time Burden (Hours) 375,796,476 375,066,476 0 730,000 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
The fiduciary of a domestic decedent's 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-V has been created in response to an IRSAC suggestion. The Internal Revenue Service Advisory Council (IRSAC) provides an organized public forum for IRS officials and representatives of the public to discuss relevant tax administration issues. The council advises the Commissioner on issues that have a substantive effect on federal tax administration. The new payment voucher has been created to help process Form 1041 payments more accurately and efficiently. This will result in an increase in the estimated number of responses by 1,000,000 and 730,000 burden hours.

$5,710,689
No
No
No
No
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.
12/08/2010


© 2024 OMB.report | Privacy Policy