U.S. Estate & Trust Income Tax - Form 1041

This is the program that we sell to more non-attorneys than all the other programs in our library put together! The scenario goes something like this. For years an accountant has charge $350 to put a few numbers in the same old places on the return, i.e., interest, dividends, etc. After a few years, the administrator/fiduciaries realize they could easily do the same thing. So, they buy this program and save the estate or trust $300.

Regardless of the foregoing, we designed this program specifically for small- to medium-sized law offices, as well as savvy individuals, that prepare simple returns for typical estates and trusts. In many instances our users tell us they don't need or want the complexity and added cost of high-price Form 1041 software. For most commonly-filed returns, our U.S. Income Tax for Estates & Trusts (W1041) program fits the bill perfectly for them!

The reality for most law offices is that complicated returns are typically referred to specialist/preparers anyway, so why spend big bucks for a program that's designed to handle those types of returns?

The Tax Code requires a fiduciary income tax return to be filed by nearly every estate or trust with a federal identification number. Specifically, the regulations provide as follows:

"The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic estate that has gross income for the tax year of $600 or more."

So, even if you're not handling million dollar estates, it's hard to find one that doesn't meet the filing criteria described above. At a price of $49.99, W1041 pays for itself as soon as you do your first return.

Comprehensive List of Included Forms, Schedules & Worksheets

Forms & Schedules:

Form 1041 U.S. Income Tax for Estates & Trusts
Schedule A Charitable Deduction
Schedule B Income Distribution Deduction
Schedule G Tax Computation
Schedule I Alternate Minimum Tax
Schedule J Accumulation Distribution for Complex Trust
Schedule K-1 Beneficiary's Share (multiple copies)
Form 1041-A U.S. Information Return—Trust Accumulation of Charitable Amounts
Form 1041-ES Estimated Tax Vouchers
Form 1041-QFT Income Tax Return for Qualified Funeral Trusts
Form 1041-T Allocation of Estimated Tax Payments

Worksheets:

Form 1041-ES Estimated Tax
Schedule D Unrecaptured Section 1250 Gain
Schedule D Tax Worksheet
Schedule D Qualified 5-Year Gain
Schedule D Capital Loss Carryover
Schedule D 28% Rate Gain

Continuation Schedules:

Form 1041 Line 1 Interest Income
Form 1041 Line 2a Dividend Income
Form 1041 Line 15a—Other Deductions Not Subject to 2%
Form 1041 Line 15b—Other Deductions Subject to 2%
Schedule D Short-Term Capital Gains & Losses
Schedule D Long-Term Capital Gains & Losses

Miscellaneous:

Complete published IRS Instructions for Form 1041 &
associated Schedules
Complete IRS Publication 950—Introduction to Estate & Gift Taxes