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1041 Form: What You Should Know

Real estate transactions (including purchase, exchange or other disposition) 15d. Other nonresident real estate 15e. Payments of taxes by trust (e.g., income withholding) 15f. Property and services included in adjusted gross income (including payments to beneficiaries) 15g. Exclusion for certain payments to dependent minor 15h. Payments for death, incapacitation, disability and funeral expenses 15i. Other payments (including annuities) 15j. Payments to custodian 15k. Payments to executor or administrator 16. Filing and payment requirements: Form RI-1041E includes the amounts shown for “other payments” in Part 2; Form RI-1041ES does not include “other payments”. Filing and payment date for Form RI-1041; Form RI-1041ES. Part 2 of Form 1041 includes the following items: Total payments for each payment category, whether the payment is reported on any other Form 1041 or Form 1040/Form 2063 (or other return) 11. Part 2: Payments for Fiduciaries 20. Payments of 15,000 (per U.S. dollar) or less 20a. Payments for 50,000 or less 20b. Payments for 75,000 or less 21. Payments greater than 15,000 21a. Payments greater than 50,000 21b. Payments greater than 75,000 21c. Payments to persons with 16,000 or less annual gross income 21d. Other payments 21e. All other payments (including deferred payments). 22. Part 2: Special rules 26. Qualified foreign corporations 25a. Special rule for corporations with substantial business operations outside the United States 25b. Certain distributions made before May 20, 2023 28. Additional deductions allowed 27. Payment of federal income tax 31. Refunds 38. Special adjustments for estate/trusts, including trusts under which a deceased fiduciary owns a nonqualified domestic trust 31e. Fiduciaries not included in adjusted gross income of the United States resident individual under section 707(a)(8) 39. General information on form RI-1041 34. Form RI-1041ES 35. Credits for dependent minor and transfers from a trust, trust held for trust (within the meaning of Part II), and to a person with whom the trust was created or is maintained. 37. Allergen Holdings, Inc. (including any trust related to and any granter trust) 39.

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FAQ - Form 1041

How should a capital transaction be reported on an estate's Form 1041 when theestate received Form 1099-B that did not account for a step-up in basis?
You need to file a Form 8949 httpswww.irs.govpubirspdf... with theschedule D to summarize the basis adjustment to the mutual fund.There is a column on the form for basis adjustment use code O in column F andenter the basis adjustment amount in column G.For the reported short term gain that should be long term gain use code T incolumn F and report the gain in the proper long term section of the form.
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