Jason, Thank you for this UA-cam video; very helpful. I am working my way through the 1041 instructions, but I find the Section A checkboxes confusing. From your video I get it that grantor trusts are typically revocable and non-grantor trusts are typically irrevocable. But it all depends on the details in the trust document. So, as you say, an irrevocable trust might have a provision causing it to be a grantor trust and the income taxable to the grantor. My questions are: 1. Is the reverse true that a revocable trust could be a non-grantor trust? Seems unlikely since if you can revoke it, then you have control over it. 2. What about the 1041 section A choices of Simple and Complex trusts? Are these additional types of trusts? Or are these subsets of grantor and non-grantor, meaning there can be simple and complex versions of each of these types? 3. Why isn’t non-grantor a choice in section A? What do you check if it’s a non-grantor trust?
Intestate estate My dad passed August 2021. I didn't get an EIN and account until March 2022. Whatever the attorney did, it made filing for 1041 deadline as April of 2023 now? Will this delay in applying for EIN cause issues for filing? Nothing was sold from the estate in 2021 and nothing distributed. So 1. did I need to (or should I still ) file an initial 1041 for 2021 for zero dollars? And then 2. do I need to file another final 1041 for the this tax year to show dad's house selling while in probate to pay the debts?
These videos are actually amazing
Glad to hear they are helpful!
Thank you for all the great info!
New E.A. and have watched all your videos for help!
Glad they are helpful. Thanks for watching!
Jason,
Thank you for this UA-cam video; very helpful.
I am working my way through the 1041 instructions, but I find the Section A checkboxes confusing. From your video I get it that grantor trusts are typically revocable and non-grantor trusts are typically irrevocable. But it all depends on the details in the trust document. So, as you say, an irrevocable trust might have a provision causing it to be a grantor trust and the income taxable to the grantor.
My questions are:
1. Is the reverse true that a revocable trust could be a non-grantor trust? Seems unlikely since if you can revoke it, then you have control over it.
2. What about the 1041 section A choices of Simple and Complex trusts? Are these additional types of trusts? Or are these subsets of grantor and non-grantor, meaning there can be simple and complex versions of each of these types?
3. Why isn’t non-grantor a choice in section A? What do you check if it’s a non-grantor trust?
Intestate estate
My dad passed August 2021.
I didn't get an EIN and account until March 2022.
Whatever the attorney did, it made filing for 1041 deadline as April of 2023 now? Will this delay in applying for EIN cause issues for filing?
Nothing was sold from the estate in 2021 and nothing distributed.
So 1.
did I need to (or should I still ) file an initial 1041 for 2021 for zero dollars?
And then
2. do I need to file another final 1041 for the this tax year to show dad's house selling while in probate to pay the debts?
Thank you
You're welcome!