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 Form 1041 2010

2010-2025 Form

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Video instructions and help with filling out and completing Form 1041

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Instructions and help about Form 1041

okay for this video i wanted to go over on a high level what the section 663b election is for trusts and estates so if you're looking at a form 1041 filing right this is a federal income tax return for estates and for various types of trusts there's a question posed in the other information section that asks you is this an estate or a complex trust that is making this election during the year so what is that election and how does it impact the trust tax return and the beneficiary's return for the year generally speaking estates and complex trusts and so complex trusts meaning the trustee doesn't have to distribute all the income during the year so simple trust everything's got to be distributed out complex trust that's not the case you can distribute either none a little bit or all of it it really just depends on what the terms of the trust agreement are so when you have an estate or a complex trust all of the income the expense the distr

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