Form 1041 (Schedule K-1) Illinois 2024-2025

Form 1041 (Schedule K-1) Illinois: What You Should Know

Income from Qualifying Entities (I.R.C. § 1128A) I.R.C. § 1128A: “Any taxpayer who is a corporation or any entity that is treated as a person for the United States federal income tax purposes and any trust, estate, partnership, committee or other entity organized under the laws of the United States or of any State that is treated as a person for federal income tax purposes, regardless of its form, is treated as being an individual.” If your trust is treated as an individual for federal tax purposes, then the trusts, estates and tax parties of beneficiaries of those trusts must file Schedule L and Schedule M with Form 1041, IRS Form 1040 (or any other applicable federal) and Form 1040X. Example: If the beneficiary is a partnership then the partnership must attach to its 1040EZ, 1040NR or 1042, or Form 8582, Form 8583, Form 8583NR, Form 8583Q, or Form 8584, the following: • If the trust is not treated as an individual, then the following statements, which must appear on the Schedule K-1 (Form 1041) for the year of the transfer: • The beneficiaries are treated as individuals for federal tax purposes. • A trust agreement or similar instrument should be attached stating, either in general terms or specifically, that all or a portion of the income or loss of the trust arising in the year of the trust transfer, other than exempt income, is for federal tax purposes and, • If the trust is treated as an individual, the trustee must attach to Form 1040 or a similar form, Form 8582 or Form 8583, Form 8583Q or Form 8584, the following: • Statement that the trust agreement or similar instrument shall have been filed with the trust or, for a trust that is treated as an individual, Form 8582. If no agreement for the form has been filed with the trust, estate or partnership, then Form 1041 will be incomplete and an IRS Form 1040 (or other applicable federal form) is necessary. Examples 1 and 2 for a partnership that is a tax-exempt entity may be in the following form: Form 1040 — U.S.

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