kwyp
Level 4
08-02-2024
11:10 PM
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Tax deductions can be designed and created through charity donation. Setup a charity entity or trust can not only avoid taxes but also have tax deductions.
One of them is called charitable remainder trust (CRT). I have the below questions related to CRT
1. Whether this type trust need to file entity trust return by form 1041 each year?
2. How to calculate CRT tax deduction ?
3. What kind of tax form be issued each year when donors receive distribution as payment? Does it look like form 1099R?
4. Where to enter the data on form 1040?