How do you fill out IRS Form 1041A?


Quick Answer

To fill out Form 1041A, you must know three things: the taxpayer identification number, or TIN; the estate tax year; and information to prepare the Estates and Trusts return. A TIN is like a Social Security number for an estate and can be applied for online, states TaxACT.

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Full Answer

If the estate has multiple beneficiaries, you must also file a Schedule K-1 to show each beneficiary how much he received during the tax year. In this case, the estate tax year is not synonymous with the calendar year but instead begins on the day of death and ends on the last day of the month. All of this information is necessary to fill out the first section of Form 1041A, according to TaxACT and the Internal Revenue Service.

The section pertaining to income is intended to establish how much the estate is worth. If the estate is worth more than $5.34 million, it is eligible for taxing by the government. The deductions section is where you must report information such as any money donated to charity, attorney fees, taxes and any other loss of money that decreases the estate's taxable income, explains the IRS.

The tax and payments section is where you report information regarding the estate's taxes, including information regarding how much the estate was taxed, if overpayment occurred and the amount of money that was refunded. On the final page, you must provide further information regarding any charitable donations, income distribution to beneficiaries, taxes and other miscellaneous information, notes the IRS.

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