Drake Tax - 1041 - Form 1041-T Allocation of Estimated Tax Payments to Beneficiaries

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 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 EF Message 5004.

This election is not revocable. See the Form 1041-T Instructions for details.