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Video: Guide to a Fiduciary Income Tax Return

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 1:44 AM
OVERVIEW

Just like your obligation to pay income taxes and file a return, trusts and estates must do so as well. Watch this video to find out more about fiduciary income tax returns.

TABLE OF CONTENTS

 

Video transcript:

Hello, I'm Scott from TurboTax with some important information about fiduciary income tax returns.

Just like your obligation to pay income taxes and file a return, trusts and estates must do so as well. However, filing a tax return for either of these entities requires you to prepare Form 1041, which many refer to as a fiduciary income tax return.

When you create a trust, it's likely that you will be transferring personal assets to it such as real estate and investments. At that point, it's the trust that owns the property, not you. But this doesn't mean that it can earn income tax free.

For example, suppose you transfer cash to the trust, which holds the funds in an interest bearing savings account. Since interest is taxable, the trust must pay the income tax on it each year. This is why the trustee must prepare a tax return for the trust on Form 1041.

The same concept applies to a decedent's estate that isn't immediately distributed to heirs at the time of death.

Suppose, for example, a family member passes away, but because of problems with their will, it takes some time before you and other heirs can take property from the estate. If the estate earns income during this period, the person responsible for administering the estate must report it on a 1041 form.

Keep in mind, however, that the income an estate reports on a 1041 is unrelated to the estate tax. The income tax covers the earnings of estate assets, whereas the estate tax covers the value of the assets.

Just like personal tax returns, the estate or trust can report deductions on the 1041 for things like the payment of taxes and the fees paid to the fiduciary, which is usually the trustee or the person who administers the estate. And if the estate or trust sells property at a loss, this too can potentially reduce its taxable income.

If you need to prepare a federal tax return for an estate or trust using Form 1041, use our TurboTax Business product. You'll also need to use one of our personal tax products for your individual tax return.

With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.

And if you want to file your own taxes, you can still feel confident you'll do them right with TurboTax as we guide you step by step. No matter which way you file, we guarantee 100% accuracy and your maximum refund.

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~37% of filers qualify. Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest).

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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