Ohio Fiduciary Tax - Form IT1041
It's The Law
The Ohio Form IT-1041 is not new, but the
law mandating its filing is. If you read the statutory language below,
you'll note that all decedents' estates that earn income must file
fiduciary income tax return. Also note that there in no minimum amount
of income. Any income to a decedent's estate mandates filing. How many
estates are there that do not have at least one interest-bearing
account?
The Statute
Ohio law, Amended
Substitute Senate Bill No. 261, 124th General Assembly, imposes for
taxable years beginning in 2002, 2003 and 2004 an income tax on most
trusts and estates.
Estates. All
estates residing or earning income in Ohio must file an Ohio Fiduciary
Income Tax Return.
Trusts. All
trusts meeting ANY ONE or more of the following requirements must file:
- The trust resides in Ohio, or
- The trust earns or receives income in Ohio,
or
- The trust earns/receives lottery winnings
paid by the Lottery Commission, or
- The trust otherwise has a nexus with or in
Ohio under the Constitution or the United States.
To narrow the rather wide scope of the
foregoing filing requirements, there's a number of exemptions for
grantor, charitable remainder, retirement, and a few other trusts. Also
exempt are trusts that meet all four criteria contained in the Ohio
Department of Taxation IT 1041 instructional requirements. You can
perform an analysis as to whether a tax return is required or be safe
and protect your client by filing a return. What would you do? This
avoid determining whether an exemption is applicable and the
consequences of guessing wrong.
Do a Return in Seconds
If you have U.S. Income Tax for
Estates & Trusts (W1041) preparing a picture-perfect,
professional Ohio return takes only seconds because you can import the
tax information from the federal program (W1041)
directly into Ohio Fiduciary Tax (WIT1041)!
Ohio Fiduciary Tax (WIT1041)
Ohio Fiduciary Tax (WIT1041)
resembles our ever-popular United States Income Tax for Estates
and Trusts (W1041). It's perfect for completing the kinds of
returns that law offices typically handle. Budget-priced at $49.99, it
pays for itself with the first return you prepare. It prints the entire
basic form set and performs all calculations automatically.