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Trust & Estate Tax Organizers

Form 1041 Fiduciary Return Organizer for Estates and Trusts

The executor or administrator of an estate is responsible for performing the following duties relating to tax matters of the estate:

  • Obtaining an employer identification number (EIN)
  • Filing necessary income and estate-tax returns
  • Paying all taxes owed by the Estate

Depending on the size (value) of the Estate and the amount of income earned by the Estate, one or more of the following returns may need to be filed:

  • Final individual federal and state tax returns for the decedent (Form 1040)
  • Federal and state Estate Tax Returns (Form 706)
  • Fiduciary Income Tax Returns (Form 1041)

All income earned by the decedent prior to death is reported on the final Individual 1040 return of the decedent. All income earned by the estate is reported on the estate Fiduciary 1041 return.

Our Fiduciary Organizer is provided to help you gather and organize information relating to preparation of your Form 1041 Fiduciary Income Tax Return.  You should complete our Individual 1040 Return Organizer to provide information about income earned and expenses paid prior to the date of death.

When must Form 1041 be filed?

Trusts and Estates must file Form 1041 to report income as follows:

  • Trusts must generally file Form 1041 when annual income exceeds $100. 
  • Estates with income over $600 are also required to file Form 1041.

Filing deadline and extensions

  • Trusts generally file calendar year returns with a filing deadline of April 15.  The deadline may be extended to October 1, by filing Form 7004 on or before the original due date of the return.
  • Estates choose their tax year when filing their first return. The year may end on the last day of any month that falls within one year of the date of death.  The filing deadline for Estate 1041s is 3.5 months after the year-end chosen by the Estate.  
  • A section 645 election may be made to include income of a revocable living trust owned by a decedent in the 1041 filed by an estate.  If the election is made, then the trust and the Estate will use the same tax year and income of both the Estate and the trust is reported on the same 1041 return.
  • A 5.5 month extension of time to file may be made by filing IRS Form 7004.

Form 1041 Tax Organizer

Our Fiduciary organizer applies to Trusts and Estates. Please complete sections relevant to Trusts or  Estates, depending on your situation.

1041 Fiduciary Organizers for Estates & Trusts (PDF)

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Form 706 Estate Tax Organizer

Form 706 is used to pay estate taxes, also known as "death taxes".  Although few estates are large enough to be required to file a federal estate return, Oregon's filing requirements impact estates as small as $1 million.  You may be required to file an Oregon Estate Transfer Tax Return (Form OR-706) if any of the following is true:

  • The total value of all estate assets was $1,000,000 or more when the decedent died and the estate contained any property taxable by Oregon.
  • The decedent had an estate valued at $1,000,000 or more and was an Oregon resident or a nonresident that owned Oregon real property when they died.
  • The estate made estimated tax payments and the gross estate was later determined to be less than $1 million. This filing is a request to claim a refund.

For certain large estates valued at $10 million or more, Federal Form 706 may also need to be filed with the IRS.

The filing deadline for Form 706 and OR706 is 9 months after the date of death of the decedent.  You may request a 6-month extension of time to file by mailing Form 4768 to the IRS and to the Oregon, as applicable, on or before the original due date of the return.

We recognize that preparation of these tax returns can be complex. You may wish to make an appointment with one of our staff members experienced in estate matters prior to completing these tax organizers.

 

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