How do I generate Form 1041-T in Drake Tax?
Form 1041-T is the Allocation of Estimated Tax Payments to Beneficiaries under section 643(g). This election allows a trust (and certain decedent estates) to treat estimated payments as though they were made by a beneficiary or beneficiaries instead of having been paid by the fiduciary. To make this election in Drake Tax, go to:
- screen 4, and make an entry on line 11 (Drake19, 20, 21, and 22)
- screen 3, and make an entry on line 25b (Drake18)
- screen 3, and make an entry on line 24b (Drake17 and prior)
for the amount of estimated tax payments to be allocated and the date that form 1041-T was filed.
The due date of form 1041-T is the 65th day after the close of the tax year for the fiduciary return. If a calendar year, the 2018 due date is March 6, 2019. Filing form 1041-T with form 1041 does not extend the due date of form 1041-T. If the 1041 cannot be filed by the due date of the 1041-T return, check the box Mark if Form 1041-T is being filed separately and submit the forms to the IRS separately.
If electing to allocate ES payments to beneficiaries, both forms 1041 and 1041-T must be paper-filed, per red message 5004.
This election is not revocable. See the Form 1041-T Instructions for details.