Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts- 2012 Page 3
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Form 1041-QFT (2012)
Page
Late Payment of Tax
Line 3—Address
The authorization will automatically end no
later than the due date (without regard to
Generally, the penalty for not paying the tax
Include the suite, room, or other unit number
extensions) for filing the QFT’s 2013 tax
/
after the street address. If the post office does
when due is
1
of 1% of the unpaid amount
2
return. If the trustee wants to expand the paid
for each month or part of a month that it
not deliver mail to the street address and you
preparer’s authorization or revoke the
remains unpaid. The maximum penalty is 25%
have a P.O. box, show the box number
authorization before it ends, see Pub. 947,
of the unpaid amount. The penalty applies to
instead of the street address.
Practice Before the IRS and Power of
any unpaid tax on the return. Any penalty is in
If you want a third party (such as an
Attorney.
addition to interest charges on late payments.
accountant or an attorney) to receive mail for
Accounting Methods
Underpaid Estimated Tax
the QFT, enter on the street address line
“C/O” followed by the third party’s name and
Figure taxable income using the method of
If the trustee underpaid estimated tax, use
street address or P.O. box.
accounting regularly used in keeping the
Form 2210, Underpayment of Estimated Tax
If you change your address (including a new
QFT’s books and records. Generally,
by Individuals, Estates, and Trusts, to figure
“in care of” name and address) after filing
permissible methods include the cash
any penalty.
Form 1041-QFT, use Form 8822, Change of
method, the accrual method, or any other
▲
If you include interest or any of
Address, to notify the IRS.
method authorized by the Internal Revenue
!
these penalties with your payment,
Code. In all cases, the method used must
Line 4—Number of QFTs
identify and enter these amounts
clearly reflect income.
If this is a composite return, enter the total
CAUTION
in the bottom margin of Form
Generally, the QFT may change its
number of QFTs (including separate interests
1041-QFT. Do not include the interest or
accounting method (for income as a whole or
treated as separate QFTs) included on the
penalty amount in the balance of tax due on
for any material item) only by getting consent
return.
line 17.
on Form 3115, Application for Change in
Accounting Method. For more information, see
Part II—Tax Computation
Other Penalties
Pub. 538, Accounting Periods and Methods.
Other penalties can be imposed for
Composite Return
Accounting Period
negligence, substantial understatement of tax,
If this is a composite return,
▲
and fraud. See Pub. 17, Your Federal Income
!
All QFTs must use a calendar year as their
enter in Part II the totals for all
Tax, for details on these penalties.
accounting period.
the QFTs included on the return.
Final Form 1041
CAUTION
Rounding Off to Whole Dollars
Income
If you have an existing EIN(s) that you
You may round off cents to whole dollars on
previously used for filing Form 1041 and that
Line 2a—Total Ordinary Dividends
your return and statements. If you do round to
you will not use again (i.e., for QFTs included
whole dollars, you must round all amounts. To
Report all ordinary dividends received during
in a composite return), you should file Form
round, drop amounts under 50 cents and
the tax year.
1041 and check the final return box.
increase amounts from 50 to 99 cents to the
Report capital gain distributions on
next dollar. For example, $1.39 becomes $1
Specific Instructions
Schedule D (Form 1041), line 9.
and $2.50 becomes $3. If you have to add
Line 2b—Qualified Dividends
two or more amounts to figure the amount to
Part I—General Information
enter on a line, include cents when adding the
Enter on line 2b the amount reported on line
amounts and round off only the total.
Line 1—Name of Trust
2a that is a qualified dividend. A qualified
dividend is a dividend received during the tax
Estimated Tax
Copy the exact name from the Form SS-4,
year from (a) a domestic corporation or (b) a
Application for Employer Identification
qualified foreign corporation. A qualified
Generally, a QFT must pay estimated income
Number, used to apply for the employer
dividend does not include: any dividend from
tax for 2013 if it expects to owe, after
identification number you are using to file
a corporation if the corporation is (or was)
subtracting withholding and credits, at least
Form 1041-QFT.
exempt from income tax under section 501 or
$1,000 in tax. Estimated tax liability is figured
Line 2—Employer Identification
521 for the tax year during which the
for the individual QFT, and not for a
Number (EIN)
distribution was made; any amount allowed
composite return taken as a whole. For details
as a deduction under section 591; or any
and exceptions, see Form 1041-ES,
If the QFT is not filing as part of a composite
dividend described under section 404(k).
Estimated Income Tax for Estates and Trusts.
return, use the EIN of the QFT. If the QFT
Exception. Some dividends may be reported
does not have an EIN, it must apply for one.
Interest and Penalties
to the trust as qualified dividends but are not
Every trustee that elects to file a composite
Interest
qualified dividends. See the instructions for
return must apply for an EIN to be used only
line 2b(2) in the 2012 Instructions for Form
for filing Form 1041-QFT. A trustee must use
Interest is charged on taxes not paid by the
1041 for more information.
a separate EIN for every Form 1041-QFT it
due date, even if an extension of time to file is
files.
Line 4—Other Income
granted. Interest is also charged on the
A QFT without an EIN can apply for one.
failure-to-pay penalty, failure-to-file penalty,
Enter all other types of income not included
the accuracy-related penalty, and the fraud
• Online—A QFT can receive an EIN by
on line 1a, 2a, or 3. List the type and amount
penalty. The interest charge is figured at a
Internet and use it immediately to file a return.
on an attached statement if the QFT(s) has
rate determined under section 6621.
Go to the IRS website at
more than one item.
businesses/small and click on Employer ID
Late Filing of Return
Deductions
numbers.
The law provides a penalty of 5% of the tax
Allocation of Deductions for Tax-Exempt
• By telephone—Call 1-800-829-4933.
due for each month, or part of a month, up to
Income
a maximum of 25% of the tax due, for each
• By mail or fax—Send in a completed Form
Generally, no deduction that would otherwise
month the return is not filed. If the return is
SS-4. Form SS-4 can be obtained by calling
be allowable is allowed for any expense that
more than 60 days late, the minimum penalty
1-800-829-3676.
is allocable to tax-exempt income, such as
is the smaller of $135 or the tax due.
If the QFT has not received its EIN by the
interest on state or local bonds.
The penalty will not be imposed if you can
time the return is due, write “Applied for” in
Exception. State income taxes and business
show that the failure to file on time was due to
the space for the EIN.
expenses that are allocable to tax-exempt
reasonable cause. If you receive a notice
interest are deductible.
about penalty or interest after filing the return,
send us an explanation and we will determine
whether you meet the reasonable cause
criteria. Do not attach an explanation to the
return.
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