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IL 1041 Instructions Income Tax Business Fiduciary Tax Illinois  Form

IL 1041 Instructions Income Tax Business Fiduciary Tax Illinois Form

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Hello, I’m Tammy from Turbo Tax with some information about fiduciary income tax returns. Have you been appointed as trustee of a trust or the administrator of an estate? If so, you may be interested to hear about the tax returns you are responsible for filing. As a trustee or administrator, you are the fiduciary of the trust or estate. This means 0that you are the person responsible for overseeing the estate or trust—which includes filing all necessary tax returns. The IRS requires the filing of an income tax return for trusts and estates on Form 1041— formerly known as the fiduciary income tax return. This is because trusts and estates must pay income tax on their income just like you report your own income on a personal tax return each year. Trusts and estates can own the same type of property that you can. For example, a trust may own a stock portfolio or rental real estate. And when the stocks pay dividends or tenants pay rent— the income belongs to the trust. But the IRS

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