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 file the proper returns and paid the correct tax. The various schedules (Schedule D, I, J, and K-I) are used in the collection of information under the various authorizing statutes seen below (Legal Statutes). The worksheets are used to figure various taxes and deductions. Form 1041-V allows the Internal Revenue Service to process the payment more accurately and efficiently. The IRS strongly encourages the use of Form 1041-V, but there is no penalty if it is not used. The FAQs posted to IRS.gov will assist taxpayers in fulfilling their filing obligations for 2017. In general, the collections of information in proposed §1.958-1(e) and proposed §1.964-1(c)(3) impose a burden on certain domestic trusts and estates to attach statements to their tax returns, or notify certain prescribed persons, of elections permitted by those regulations sections.
US Code:
26 USC 59(g)
Name of Law: Other definitions and special rules; Tax Benefit Rule
US Code:
26 USC 55(a)
Name of Law: Alternatiive Minimum Tax Imposed
US Code:
26 USC 662
Name of Law: Inclusion of amounts in gross income of beneficiaries of estates and trusts accumulating income or d
US Code:
26 USC 643(g)
Name of Law: Definitions applicable to subparts A, B, C, and D; Certain payments of estimated tax treated as pai
US Code:
26 USC 666
Name of Law: Accumulation distribution allocated to preceding years
US Code:
26 USC 677
Name of Law: Income for benefit of grantor
US Code:
26 USC 679
Name of Law: Foreign trusts having one or more United States beneficiaries
US Code:
26 USC 6654(1)
Name of Law: Failure by individual to pay estimated income tax;Addition to the Tax
PL:
Pub.L. 115 - 97 14103
Name of Law: Tax Cuts and Jobs Act
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 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 671
Name of Law: Trust income, deductions, and credits attributable to grantors and others as substantial owners
US Code:
26 USC 951
Name of Law: Amounts included in gross income of United States shareholders
US Code:
26 USC 951A
Name of Law: Global intangible low-taxed income included in gross income of United States shareholders
US Code: 26 USC 951 Name of Law: Amounts included in gross income of United States shareholders
US Code: 26 USC 951A Name of Law: Global intangible low-taxed income included in gross income of United States shareholders
In general, the collections of information in proposed §1.958-1(e) and proposed §1.964-1(c)(3) impose a burden on certain domestic trusts and estates to attach statements to their tax returns, or notify certain prescribed persons, of elections permitted by those regulations sections.
Proposed §1.958-1(e)(2), increased the number of responses by 725 and total burden hours by 725 hours (1 hour to comply). Proposed §1.964-1(c)(3) increased the number of responses by 1,700 and total burden hours by 3,400 (2 hours to comply). The overall burden for this collection of information has increased by 4,125 (from 307,844,800 to 307,848,925), with a total increase in responses of 2,425 (from 9,433,703 to 9,436,128).
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 1041-V Form 1041-V - Payment Voucher
2022_SS_1545-0092r (final kd) AG.docx
U.S. Income Tax Return for Estates and Trusts