Estate Trust Tax

Question 1

Income distribution from a true that include in recipient tax return is ? (also call income distribution deduction for the trust)

Answer 1

The lesser of DNI or the actual amount distributed to the beneficiary

Question 2

What’s income level that require Annual Estate Income tax return Form1041

Answer 2

Income > $600

Exempt from estimate payment for its first 2 tax years

Question 3

What’s Estate tax year?

Answer 3

Calendar year or Fiscal year.

Question 4

What’s Annual Trust tax year?

Answer 4

Calendar year only