Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts- 2012 Page 2
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Form 1041-QFT (2012)
Page
General Instructions
Extension of Time To File
Whenever these instructions refer to a trust
or QFT, it includes such separate interests
Use Form 7004, Application for Automatic
Section references are to the Internal
that are treated as separate QFTs.
Extension of Time To File Certain Business
Revenue Code.
Income Tax, Information, and Other Returns,
Making the Election
to get a 6-month extension of time to file. An
Future Developments
The trustee makes the election to treat a trust
extension of time to file a return does not
For the latest information about developments
as a QFT by filing Form 1041-QFT for the
extend the time to pay the tax.
related to Form 1041-QFT and its instructions,
trust by the due date (including extensions).
Where To File
such as legislation enacted after they were
You may elect QFT status for a trust’s first
published, go to
eligible year or for any subsequent year. Once
File Form 1041-QFT at the following address:
made, the election may not be revoked
What's New
Department of Treasury
without the consent of the IRS.
Internal Revenue Service
Tax Rates. For tax years 2011 and 2012,
Cincinnati, OH 45999
Composite Return
Public Law 111-312 extended the lower tax
rates for capital gains and qualified dividends.
Who Must Sign
A trustee may file a single, composite Form
Purpose of Form
1041-QFT for some or all QFTs of which he or
Trustee
she is the trustee, including QFTs that had a
The trustee of a trust that has elected to be
The trustee, or an authorized representative,
short tax year.
taxed as a qualified funeral trust (QFT) files
must sign Form 1041-QFT.
You must attach a statement to a
Form 1041-QFT to report the income,
Paid Preparer
composite Form 1041-QFT that includes the
deductions, gains, losses, and tax liability of
following information for each QFT (or
the QFT. The trustee can use the form to
Generally, anyone who is paid to prepare a
separate interest treated as a separate QFT):
report information for a single QFT or for
tax return must sign the return and fill in the
multiple QFTs having the same trustee. If filing
• The name of the owner or the beneficiary. If
other blanks in the Paid Preparer Use Only
Form 1041-QFT for multiple QFTs, please see
you list the name of the owner and that trust
area of the return. The person required to sign
the rules discussed under Composite Return
has more than one beneficiary, you must
the return must:
on this page.
separate the trust into shares held by the
• Complete the required preparer information,
separate beneficiaries;
Pre-need funeral trusts that do not qualify
• Sign it in the space provided for the
• The type and gross amount of each type of
as QFTs should see the instructions for Form
preparer’s signature, and
1041, U.S. Income Tax Return for Estates and
income earned by the QFT for the tax year.
• Give you a copy of the return in addition to
Trusts, for their filing requirements.
For capital gains, identify separately the
the copy to be filed with the IRS.
amount of (a) net short-term capital gain,
Qualified Funeral Trust
(b) net long-term capital gain, (c) 28% rate
Anyone who is paid to prepare the trust's
gain, and (d) unrecaptured section 1250 gain;
return must enter their PTIN in the Paid
A QFT is a domestic trust that meets all of
Preparer Use Only section. The PTIN entered
the following requirements:
• The type and amount of each deduction and
must have been issued after September 27,
credit allocable to the QFT;
• The trust arose as a result of a contract with
2010. For information, see Form W-12, IRS
a person engaged in the trade or business of
• The tax and payments made for each QFT;
Paid Preparer Tax Identification Number
providing funeral or burial services or property
and
(PTIN) Application and Renewal.
to provide such services.
• The termination date for each QFT that was
Paid Preparer Authorization
• The sole purpose of the trust is to hold,
terminated during the year.
invest, and reinvest funds in the trust and to
If the trustee wants to allow the IRS to
When To File
use those funds solely to pay for funeral or
discuss the QFT’s 2012 tax return with the
burial services or property to provide such
paid preparer who signed it, check the “Yes”
File Form 1041-QFT by April 15, 2013. The due
services for the benefit of the beneficiaries of
box in the signature area of the return. This
date for a composite return is also April 15, 2013,
the trust.
authorization applies only to the individual
even if the return includes QFTs that terminated
whose signature appears in the Paid Preparer
• The only beneficiaries of the trust are
during the year. If you are filing for a short year,
Use Only section of the QFT’s return. It does
individuals for whom such services or
file Form 1041-QFT by the 15th day of the 4th
not apply to the firm, if any, shown in that
property are to be provided at their death
month following the close of the short year. If the
section.
under the contracts described above.
due date falls on a Saturday, Sunday, or a legal
holiday, file by the next business day.
If the “Yes” box is checked, the trustee is
• The only contributions to the trust are
authorizing the IRS to call the paid preparer
contributions by or for such beneficiaries’
Private Delivery Services
to answer any questions that may arise
benefit.
You can use certain private delivery services
during the processing of the QFT’s return.
• The trustee makes or previously had made
designated by the IRS to meet the “timely
The trustee is also authorizing the paid
the election to treat the trust as a QFT.
mailing as timely filing/paying” rules for tax
preparer to:
returns and payments. These private delivery
• The trust would have been treated as owned
• Give the IRS any information that is missing
services include only the following.
by the purchasers of the contracts under the
from the QFT’s return,
grantor trust provisions of the Code if the QFT
• DHL Express (DHL): DHL Same Day Service.
• Call the IRS for information about the
election had not been made.
• Federal Express (FedEx): FedEx Priority
processing of the QFT’s return or the status
Note. A trust that is not treated as owned by
Overnight, FedEx Standard Overnight, FedEx
of its refund or payment(s), and
the purchaser solely because of the death of
2Day, FedEx International Priority, and FedEx
• Respond to certain IRS notices that the
an individual will be treated as meeting this
International First.
trustee has shared with the preparer about
requirement during the 60-day period
• United Parcel Service (UPS): UPS Next Day
math errors, offsets, and return preparation.
beginning on the date of that individual’s
Air, UPS Next Day Air Saver, UPS 2nd Day
death.
The trustee is not authorizing the paid
Air, UPS 2nd Day Air A.M., UPS Worldwide
preparer to receive any refund check, bind
If a QFT has multiple beneficiaries, each
Express Plus, and UPS Worldwide Express.
the QFT to anything (including any additional
beneficiary’s separate interest under a
The private delivery service can tell you
tax liability), or otherwise represent the QFT
contract is treated as a separate QFT for the
how to get written proof of the mailing date.
before the IRS.
purpose of figuring the tax and filing this
return. Each beneficiary’s share of the trust’s
income is determined in accordance with the
beneficiary’s interest in the trust. A
beneficiary’s interest in a trust may be
determined under any reasonable method.
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