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Trust & Estate Tax Organizers

Form 1041 Fiduciary Return Organizer for Estates and Trusts

Our Fiduciary Organizer is provided to help you gather and organize information relating to preparation of your Form 1041 Fiduciary Income Tax Return.

Trusts and Estates file Form 1041 to report income. Trusts must generally file Form 1041 when annual income exceeds $300. Our Fiduciary organizer applies to Trusts and Estates. Please complete sections relevant to Trusts and skip areas that apply to Estates.

 

1041 Fiduciary Organizers for Estates & Trusts (PDF)

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Form 706 Estate Tax Organizer

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.

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 $5,120,000 or more, Federal Form 706 may also need to be filed.

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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