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5227 2024-2025 Form
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Video instructions and help with filling out and completing Form 5227, The Split Interest Trust Information
Instructions and help about Form 5227, The Split Interest Trust Information
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People also ask
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How do I generate Form 5227 for a charitable trust?
Follow these steps to generate Form 5227 for a charitable trust: Go to Input Return ⮕ General ⮕ Client Information. Scroll down to the Miscellaneous Info section. Locate the Type of Entity field & select 6= Charitable Trust. Select Charitable Trust from the Type of Charitable Trust dropdown menu.
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What is an example of a split interest trust?
For example, Hyram Jones created a split-interest trust that is required annually to pay Melanie Jones 5 percent of the net fair market value of the trust assets, valued annually, for her life; and to pay the remainder to Y, a section 501 (c)(3) organization.
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Can you file form 5227 electronically?
"(6) The maximum extension for the returns of trusts required to file Form 5227 shall be an automatic 6-month period beginning on the due date for filing the return (without regard to any extensions).
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Who needs to file form 5227?
All pooled income funds described in section 642(c)(5) and all other trusts such as charitable lead trusts that meet the definition of a split-interest trust under section 4947(a)(2) must file Form 5227 unless the Exception [listed on page 1 of Form 5227 instructions] applies."
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Does a split interest trust file Form 1041?
During the life of the trust all financial activity, including gains and losses from the trust principal assets (also known as corpus), must be reported annually to the Internal Revenue Service on Form 5227, Split Interest Trust Information Return, and Form 1041-A, Trust Accumulation of Charitable Amounts.
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