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
Recently enacted 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.
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.
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