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#4
08-15-2004, 08:07 PM
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 Re: a "freebie" from the IRS? Form 1041 - trust income ed[at]edcosoft.com (ed) wrote in - quote - > goorgle[at]hotmail.com (Alex Goorgle) wrote:
SNIP- quote - > That's the standard exemption for a Simple Trust (it's $100
Actually there may be capital gains to pay if the trust> for all other trusts ). Note that if it distribut4es all > its income there's nothing left in the trust to be taxed > on. continues past that tax year. There might also be income received from IRD, such as an IRA, that is not distributed to the beneficiary but becomes principal in the trust. Martha Matthews, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
07-23-2004, 02:00 PM
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| Re: a "freebie" from the IRS? Form 1041 - trust income "Alex Goorgle" <goorgle[at]hotmail.com> wrote: - quote - > I was perusing through Form 1041 Instructions and found
It's no different than the exemption you get as an> this interesting bit of text: > Line 20=97Exemption > [...] > A trust whose governing instrument requires that all income be > distributed currently is allowed a $300 exemption, even if it > distributed amounts other than income during the tax year. > This is a first... something for nothing from the IRS... Up to > $300 of tax-free income per year. I must be missing something. > What's the catch?!?! individual. Not like its unique or even substantial. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
07-23-2004, 06:22 AM
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| Re: a "freebie" from the IRS? Form 1041 - trust income "Alex Goorgle" <goorgle[at]hotmail.com> wrote: - quote - > I was perusing through Form 1041 Instructions and found
No catch, and not much of a deal either considering that> this interesting bit of text: > Line 20-Exemption > [...] > A trust whose governing instrument requires that all income be > distributed currently is allowed a $300 exemption, even if it > distributed amounts other than income during the tax year. > This is a first... something for nothing from the IRS... Up to > $300 of tax-free income per year. I must be missing something. > What's the catch?!?! 1040s get to exclude an amount for a standard deduction and personal exemptions. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
07-23-2004, 06:03 AM
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| Re: a "freebie" from the IRS? Form 1041 - trust income goorgle[at]hotmail.com (Alex Goorgle) wrote: - quote - > I was perusing through Form 1041 Instructions and found
That's the standard exemption for a Simple Trust (it's $100> this interesting bit of text: > Line 20?Exemption > [...] > A trust whose governing instrument requires that all income be > distributed currently is allowed a $300 exemption, even if it > distributed amounts other than income during the tax year. > This is a first... something for nothing from the IRS... Up to > $300 of tax-free income per year. I must be missing something. > What's the catch?!?! for all other trusts ). Note that if it distribut4es all its income there's nothing left in the trust to be taxed on. ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-23-2004, 05:25 AM
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| Re: a "freebie" from the IRS? Form 1041 - trust income Alex Goorgle wrote: - quote - > I was perusing through Form 1041 Instructions and found
The individual gets an exemption too. Why get excited about $300?> this interesting bit of text: > Line 20—Exemption > [...] > A trust whose governing instrument requires that all income be > distributed currently is allowed a $300 exemption, even if it > distributed amounts other than income during the tax year. > This is a first... something for nothing from the IRS... Up to > $300 of tax-free income per year. I must be missing something. > What's the catch?!?! -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-21-2004, 05:01 AM
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| a "freebie" from the IRS? Form 1041 - trust income I was perusing through Form 1041 Instructions and found this interesting bit of text: Line 20—Exemption [...] A trust whose governing instrument requires that all income be distributed currently is allowed a $300 exemption, even if it distributed amounts other than income during the tax year. This is a first... something for nothing from the IRS... Up to $300 of tax-free income per year. I must be missing something. What's the catch?!?! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1041, form, freebie, income, irs, trust |
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