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Las Vegas Nevada Form Instructions 1041: What You Should Know

An estate or trust is a legal entity that can be taxed either by state or federal government.  The trust tax is only paid on the income of beneficiaries in a trust. The trust income is not taxed until distribution through beneficiaries. If any portion of any estate or trust income is not distributed before the time the trust is dissolved, the estate may be subject to state estate taxes. In Nevada, the trust income is taxable. A federal estate tax rate of 40% applies to the entire estate or trust, regardless of how much is distributed after death — so that means that if the entire estate is less than 675,000 (and even less than 100,000), the estate will be subject to state estate tax. The amount of income that is taxed by federal and Nevada estate taxes is called an exemption. Federal income tax exemptions: 1. Married couples filing jointly 2. Widow(er’s 3. Heads of household 4. Qualified charities 5. Qualified education expenses In the case of Nevada's estate tax exemption system, there are no state income tax exemptions. A person's annual state income tax rate is capped at 0% of the person's adjusted gross income. For example, the total state income tax rate of 1.05% for an adjusted gross income of 120,000 is applied to the total annual tax exemption. If you have annual deductions to reduce your income taxes, the deduction may provide income tax exemption of more than 1% of your adjusted gross income, in which case the state estate tax rate will apply. A married couples filing joint returns can have an estate exemption equal to 10% of their combined adjusted gross income. The estate tax exemption for married couples filing jointly is an 800 exemption, and that is on top of their 800 combined exemption (not including state and federal exemptions). If the married person dies before the estate is distributed to beneficiaries, he or she is required to pay a separate state tax on any estate or trust income during the lifetime of the deceased person.

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