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Form 1041 - U. S. Income Tax Return for Estates & Trusts

IRS Form 1041 is used to report the income, deductions, gains and losses of an estate, trust or bankruptcy estate. Trust and Estate Income is figured in almost the same way as Individual Income and the same deductions and credits are allowed. The biggest difference is that a Trust or decedent’s Estate may take an Income distribution deduction for distributions to beneficiaries.


According to the IRS website, Form 1041 is required for Estates and Trusts that have a gross income of $600 or more, or, the Tax Return lists a non-resident alien as a beneficiary. The form must be filled out by the executor of an Estate to report any Income, gain, losses or money distributed to the Estate’s beneficiaries. It also is used to report income tax and employment taxes on the wages of employees who worked in the household of the Estate during the Tax year.