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- Re: Trust & Estate - form 1041
Trust & Estate - form 1041
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JohnCPA1
Level 1
03-29-2022
07:22 PM
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I have an irrevocable maintenance trust which was set up in the final years of the tax payers life. The taxpayer is now deceased. Can I change the type of 1041 to Decedent's Estate - by selecting this checkbox on the information section? Can the date created change to the date of death (instead of the date the trust was set up), effectively making this the estate income return for income of the decedent? (No Estate Tax ID was established since the trust was already set up before death, containing all the tax payers assets.) Haven't done many 1041's - any advice is appreciated.
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sjrcpa
Level 15
03-29-2022
08:33 PM
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No you cannot change a trust to an estate.
Per the trust agreement, what happens to the trust upon creator's death?
You probably have both a trust 1041 and an estate 1041.
In some situations you can elect to treat the trust and the estate as one, but I'm not sure it would apply to an irrevocable trust.
The more I know, the more I don't know.
