Trustees of trusts that claim deductions under section 642(c) must file Form 1041-A before April 15 following the close of the calendar year, unless an exception applies. Extensions are available, and there are penalties for not filing the form on time.
What is Form 1041-A?
Form 1041-A is an Internal Revenue Service (IRS) form used by trustees of a trust to report required charitable information. It is used if the trust claims a charitable or other deduction under section 642(c) of the Internal Revenue Code, unless an exception applies. Form 1041-A must be filed by April 15 following the close of the calendar year; an extension is available by filing Form 8868. An amended return can be filed at any time, and must include the entire return, not just the new or corrected information. It must be filed with the IRS at the address given on the form, and penalties are applicable if it is not submitted on time. Money items should be rounded off to whole dollars, and additional space can be provided by attaching sheets that are the same size as the forms and indicating the line of the form they relate to. Public inspection is also available upon request.
IRS Form 1041-A – Who Needs to Fill It Out?
The trustee must file Form 1041-A for a trust that claims a charitable or other deduction under section 642(c) unless an exception applies. Exceptions include trusts that are required to distribute currently all income for the tax year, charitable trusts, split-interest trusts, and Electing Small Business Trusts (ESBTs). File the form by April 15th, but an extension can be requested by filing Form 8868 before the due date. If amending the form, you must enter “Amended Return” across the top and the EIN on each sheet. There may also be penalties or rounding of numbers involved, and it is possible to request public inspection of the form.
Step-by-Step: Form 1041-A Instructions For Filling Out the Document
To complete Form 1041-A, the trustee must first review the instructions and exceptions to determine if filing is required. If the filing is required, the form should be completed and the required attachments included to the return. The form and attachments must be filed by April 15 of the following year, unless an extension is requested by filing Form 8868. To round off to whole dollars, drop amounts under 50 cents and increase amounts from 50 cents to 99 cents to the next dollar. If more space is needed, additional sheets should be attached that are the same size as the forms, include the trust’s EIN, and clearly relate to the line of the printed form. Lastly, Form 1041-A is subject to public inspection and procedures to request it can be found in Regulations section 301.6104(b)-1(d).
Below, we present a table that will help you understand how to fill out Form 1041-A.
|Information Required for Form 1041-A||Details|
|Filing Requirement||Determine if filing is required, based on instructions and exceptions|
|Filing Deadline||File by April 15 of the following year (or request an extension with Form 8868)|
|Rounding||Round off to whole dollars; drop amounts under 50 cents|
|Additional Sheets||Attach additional sheets if more space is needed, with trust’s EIN|
|Public Inspection||Subject to public inspection; follow procedures in Regulations section 301.6104(b)-1(d)|
Do You Need to File Form 1041-A Each Year?
The trustee must file Form 1041-A for a trust that claims a charitable or other deduction under section 642(c) unless an exception applies. Exceptions include a trust that is required to distribute currently to the beneficiaries all the income for the tax year determined under section 643(b) and related regulations, a charitable trust described in section 4947(a)(1), a split-interest trust described in section 4947(a)(2) for tax years beginning after 2006, or an Electing Small Business Trust (ESBT) described in section 641(c). Form 1041-A should be filed by April 15 following the close of the calendar year (with an extension of time available if necessary). An amended return may also be submitted at any time. Penalties may apply for filing after the due date or for filing a false or fraudulent return.
Download the official IRS Form 1041-A PDF
On the official IRS website, you will find a link to download Form 1041-A. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 1041-A