Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - 2015 Page 2
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Form 1041-QFT (2015)
Page
General Instructions
If a QFT has multiple beneficiaries, each
• FedEx First Overnight, FedEx Priority
beneficiary’s separate interest under a
Overnight, FedEx Standard Overnight, FedEx
Section references are to the Internal
contract is treated as a separate QFT for the
2Day, FedEx International Next Flight Out,
Revenue Code.
purpose of figuring the tax and filing this
FedEx International Priority, FedEx
return. Each beneficiary’s share of the trust’s
International First, and FedEx International
Future Developments
income is determined in accordance with the
Economy.
For the latest information about developments
beneficiary’s interest in the trust. A
• UPS Next Day Air Early AM, UPS Next Day
related to Form 1041-QFT and its instructions,
beneficiary’s interest in a trust may be
Air, UPS Next Day Air Saver, UPS 2nd Day
such as legislation enacted after they were
determined under any reasonable method.
Air, UPS 2nd Day Air A.M., UPS Worldwide
published, go to
Whenever these instructions refer to a trust
Express Plus, and UPS Worldwide Express.
or QFT, it includes such separate interests
Reminder
The private delivery service can tell you
that are treated as separate QFTs.
how to get written proof of the mailing date.
Net investment income tax. An estate or
Making the Election
Extension of Time To File
trust may be subject to net investment
income tax (NIIT). NIIT is a 3.8% tax on the
The trustee makes the election to treat a trust
Use Form 7004, Application for Automatic
lesser of an estate’s or trust’s undistributed
as a QFT by filing Form 1041-QFT for the
Extension of Time To File Certain Business
net investment income or the excess of the
trust by the due date (including extensions).
Income Tax, Information, and Other Returns,
estate’s or trust’s adjusted gross income over
to get a 6-month extension of time to file. An
You may elect QFT status for a trust’s first
a specified threshold amount. NIIT may need
extension of time to file a return does not
eligible year or for any subsequent year. Once
to be included when figuring estimated tax. In
extend the time to pay the tax.
made, the election may not be revoked
addition, there are special rules when
without the consent of the IRS.
calculating NIIT for a composite return. See
Where To File
Composite Return, later.
Composite Return
File Form 1041-QFT at the following address:
Purpose of Form
A trustee may file a single, composite Form
Department of Treasury
1041-QFT for some or all QFTs of which he or
Internal Revenue Service
The trustee of a trust that has elected to be
she is the trustee, including QFTs that had a
Cincinnati, OH 45999
taxed as a qualified funeral trust (QFT) files
short tax year.
Form 1041-QFT to report the income,
Who Must Sign
deductions, gains, losses, and tax liability of
You must attach a statement to a
the QFT. The trustee can use the form to
composite Form 1041-QFT that includes the
Trustee
report information for a single QFT or for
following information for each QFT (or
The trustee, or an authorized representative,
multiple QFTs having the same trustee. If filing
separate interest treated as a separate QFT):
must sign Form 1041-QFT.
Form 1041-QFT for multiple QFTs, please see
• The name of the owner or the beneficiary. If
the rules discussed under Composite Return,
Paid Preparer
you list the name of the owner and that trust
later.
has more than one beneficiary, you must
Generally, anyone who is paid to prepare a
Pre-need funeral trusts that do not qualify
separate the trust into shares held by the
tax return must sign the return and fill in the
as QFTs should see the Instructions for Form
separate beneficiaries;
other blanks in the Paid Preparer Use Only
1041, U.S. Income Tax Return for Estates and
area of the return. The person required to sign
• The type and gross amount of each type of
Trusts, for their filing requirements.
the return must:
income earned by the QFT for the tax year.
For capital gains, identify separately the
Qualified Funeral Trust
• Complete the required preparer information,
amount of (a) net short-term capital gain,
• Sign it in the space provided for the
A QFT is a domestic trust that meets all of
(b) net long-term capital gain, (c) 28% rate
preparer’s signature, and
the following requirements:
gain, and (d) unrecaptured section 1250 gain;
• Give you a copy of the return in addition to
• The trust arose as a result of a contract with
• The type and amount of each deduction and
the copy to be filed with the IRS.
a person engaged in the trade or business of
credit allocable to the QFT;
providing funeral or burial services or property
Anyone who is paid to prepare the trust’s
• The tax and payments made for each QFT;
to provide such services.
return must enter their PTIN in the Paid
and
Preparer Use Only section. The PTIN entered
• The sole purpose of the trust is to hold,
• The termination date for each QFT that was
must have been issued after September 27,
invest, and reinvest funds in the trust and to
terminated during the year.
2010. For information, see Form W-12, IRS
use those funds solely to pay for funeral or
Paid Preparer Tax Identification Number
Note. When calculating NIIT for a composite
burial services or property to provide such
(PTIN) Application and Renewal.
return, treat each beneficiary’s interest in each
services for the benefit of the beneficiaries of
QFT (within the meaning of section 685) as a
the trust.
Paid Preparer Authorization
separate trust.
• The only beneficiaries of the trust are
If the trustee wants to allow the IRS to
individuals for whom such services or
When To File
discuss the QFT’s 2015 tax return with the
property are to be provided at their death
paid preparer who signed it, check the “Yes”
File Form 1041-QFT by April 18, 2016. (The
under the contracts described above.
box in the signature area of the return. This
filing date is extended to April 18 because
• The only contributions to the trust are
authorization applies only to the individual
Emancipation Day is observed in the District
contributions by or for such beneficiaries’
whose signature appears in the Paid Preparer
of Columbia on Friday April 15.) The due date
benefit.
Use Only section of the QFT’s return. It does
for a composite return is also April 18, 2016,
not apply to the firm, if any, shown in that
• The trustee makes or previously had made
even if the return includes QFTs that
section.
the election to treat the trust as a QFT.
terminated during the year. If you are filing for
a short year, file Form 1041-QFT by the 15th
If the “Yes” box is checked, the trustee is
• The trust would have been treated as owned
day of the 4th month following the close of
authorizing the IRS to call the paid preparer
by the purchasers of the contracts under the
the short year. If the due date falls on a
to answer any questions that may arise
grantor trust provisions of the Code if the QFT
Saturday, Sunday, or a legal holiday, file by
during the processing of the QFT’s return.
election had not been made.
the next business day.
The trustee is also authorizing the paid
Note: A trust that is not treated as owned by
preparer to:
Private Delivery Services
the purchaser solely because of the death of
• Give the IRS any information that is missing
an individual will be treated as meeting this
You can use certain private delivery services
from the QFT’s return,
requirement during the 60-day period
designated by the IRS to meet the “timely
beginning on the date of that individual’s
• Call the IRS for information about the
mailing as timely filing/paying” rules for tax
death.
processing of the QFT’s return or the status
returns and payments. These private delivery
of its refund or payment(s), and
services include only the following.
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