Justification of Change
Form 1041-QFT, U.S. Income Tax Return for Qualified Funeral Trusts
OMB No. 1545-1593
The new investment tax, under IRC section 1411, effective for tax years beginning after December 31, 2012, will be included on Form 1041-QFT by inserting new lines at 15 and 16 of the form and renumbering the remaining lines to accommodate the additions. P.L. 111-152.
Net investment income tax. For tax years beginning in 2013, an estate or trust may be subject to net investment income tax (NIIT). NIIT is a 3.8% tax on the lesser of an estate's or trust's undistributed net investment income or the excess of the estate's or trust's adjusted gross income over a specified threshold amount. NIIT may need to be included when figuring estimated tax.
Lines 15 through 19 were renumbered 17-21 to accommodate the addition of new lines
15 and 16.
The increase of 7,350 burden hours is due to new statute.
| File Type | application/msword |
| File Title | Justification of Change |
| Author | LJKPB |
| Last Modified By | Wolfgang, Dawn |
| File Modified | 2013-12-05 |
| File Created | 2013-12-05 |