Form 1041-QFT (2017)
Line 4—Other Income
If this is a composite return, you must
figure the AGI separately for each QFT using
Enter all other types of income not included
Include on line 18 any of the following.
each QFT’s share of the amounts on the lines
on line 1a, 2a, or 3. List the type and amount
• Estimated tax payments made for 2017.
referred to above.
on an attached statement if the QFT(s) has
• Tax paid with a request for an extension of
more than one item.
time to file.
Tax rate schedule. Unless the instructions
• Federal income tax withheld (for example,
that follow for Schedule D or Composite
Allocation of Deductions for Tax-Exempt
Return apply, figure the tax using the Tax
• Credit for tax paid on undistributed capital
Rate Schedule below. Enter the tax on line 13.
Generally, no deduction that would otherwise
gains. Also attach Copy B of Form 2439,
be allowable is allowed for any expense that
Notice to Shareholder of Undistributed
2017 Tax Rate Schedule
is allocable to tax-exempt income, such as
Long-Term Capital Gains.
interest on state or local bonds.
Line 19—Tax Due
Exception. State income taxes and business
You must pay the tax in full when the return is
expenses that are allocable to tax-exempt
filed. Make the check or money order payable
Its tax is:
interest are deductible.
to “United States Treasury.” Write the EIN
Expenses that are directly allocable to
from line 2 of the form and “2017 Form
tax-exempt income are allocable only to
1041-QFT” on the payment. Enclose, but
tax-exempt income. A reasonable proportion
don’t attach, the payment with Form
of expenses indirectly allocable to both tax-
exempt income and other income must be
3,232.50 + 39.6%
- - - -
allocated to each class of income.
Paperwork Reduction Act Notice. We ask
Schedule D. If the QFT had both a net
Limitations on Deductions
for the information on this form to carry out
capital gain and any taxable income, or any
the Internal Revenue laws of the United
qualified dividends and any taxable income,
Generally, the amount a QFT has “at-risk”
States. You are required to give us this
complete Part V of Schedule D (Form 1041),
limits the loss it can deduct in any tax year.
information. We need it to ensure that you are
and then enter the tax from line 45 of
Also, section 469 and its regulations generally
complying with these laws and to allow us to
Schedule D on line 13.
limit losses from passive activities to the
figure and collect the right amount of tax.
amount of income derived from all passive
Composite return. If this is a composite
activities. Similarly, credits from passive
You aren’t required to provide the
return, check this box and enter on line 13
activities are generally limited to the tax
information requested on a form that is
the total of the tax figured separately for each
attributable to such activities.
subject to the Paperwork Reduction Act
QFT using either the 2017 Tax Rate Schedule
unless the form displays a valid OMB control
above or Schedule D (Form 1041).
For details on these and other limitations on
number. Books or records relating to a form
deductions, see Deductions in the
or its instructions must be retained as long as
Instructions for Form 1041.
their contents may become material in the
Specify the type of credit being claimed and
Line 9—Other Deductions Not Subject to
administration of any Internal Revenue law.
attach any required credit forms. If you are
the 2% Floor
Generally, tax returns and return information
claiming more than one type of credit, attach
are confidential, as required by section 6103.
Attach your own statement, listing by type
a statement listing the type and amount of
and amount all allowable deductions that
each credit claimed. See the Instructions for
The time needed to complete and file this
aren’t deductible elsewhere on the form.
Form 1041 for details on the credits that may
form will vary depending on individual
circumstances. The estimated average time is:
QFTs aren’t allowed a deduction
for a personal exemption.
10 hr., 2 min.
Line 16—Net Investment Income Tax
Learning about the law
For tax years beginning on or after January 1,
or the form .
2 hr., 18 min.
2013, a QFT may be liable for the NIIT
Line 10—Allowable Miscellaneous Itemized
enacted under section 1411. To determine if
Preparing the form
5 hr., 21 min.
Deductions Subject to the 2% Floor
this tax applies, see Form 8960, Net
Investment Income Tax—Individuals, Estates,
These deductions are deductible only to the
and sending the form
and Trusts, and its instructions.
extent that the aggregate amount of such
to the IRS .
. 48 min.
deductions exceeds 2% of adjusted gross
Line 17—Total Tax
If you have comments concerning the
accuracy of these time estimates or
If the QFT owes any additional taxes (for
Among the miscellaneous itemized
suggestions for making this form simpler, we
example, alternative minimum tax, recapture
deductions that must be included on line 10
would be happy to hear from you. You can
taxes, etc.), include these taxes on line 17. To
are expenses for the production or collection
send us comments from
the left of the entry space, write the type and
of income, such as investment advisory fees.
FormsPubs. Click on “More Information” and
amount of the tax. Also attach to Form
AGI is figured by subtracting from total
then on “Give us feedback.” Or you can send
1041-QFT any forms required to figure these
income on line 5 the total of the administrative
your comments to Tax Forms and
taxes (for example, Schedule I (Form 1041)).
costs on lines 7 through 9 to the extent they
Publications Division, Internal Revenue
See the Instructions for Form 1041 for more
are costs incurred in the administration of the
Service, 1111 Constitution Ave. NW, IR-6526,
details on additional taxes that may apply.
QFTs that wouldn’t have been incurred if the
Washington, DC 20224. Don’t send the tax
property weren’t held by the QFTs.
form to this address. Instead, see Where To