1041 v mailing address

A 1041 form!

A 1041 form, also known as the U.S. Income Tax Return for Estates and Trusts, is an annual tax return filed by estates and trusts to report their income and calculate their tax liability. Here's a breakdown of the form:

Who must file:

• Estates: If an estate has gross income of $600 or more, it must file a 1041 form.
• Trusts: If a trust has gross income of $600 or more, it must file a 1041 form. This includes:
  • Grantor trusts (e.g., revocable trusts)
  • Irrevocable trusts (e.g., charitable trusts, special needs trusts)
  • Testamentary trusts (e.g., trusts created under a will)

What to report:

• Gross income: Report all income earned by the estate or trust, including:
  • Interest, dividends, and capital gains
  • Rental income
  • Royalties
  • Business income
  • Other income (e.g., prizes, awards)
• Deductions: Report deductions allowed by the IRS, such as:
  • Expenses related to income-producing activities
  • Charitable contributions
  • Medical expenses
  • Other deductions (e.g., mortgage interest, property taxes)
• Taxable income: Calculate the taxable income by subtracting deductions from gross income.
• Tax liability: Calculate the tax liability by applying the applicable tax rates to the taxable income.

Mailing address:

The 1041 form must be mailed to the IRS at the following address:

Internal Revenue Service Attn: 1041 Forms 1111 Constitution Ave NW Washington, DC 20224-0024

Filing deadline:

The filing deadline for Form 1041 is typically April 15th of each year, unless extended by the IRS. Estates and trusts may also need to file additional forms, such as Form 1041-N (Foreign Partner's Share of Income, Deductions, Credits, etc.) or Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return).