Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - 2015 Page 3
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Form 1041-QFT (2015)
Page
Late Filing of Return
• Respond to certain IRS notices that the
A QFT without an EIN can apply for one.
trustee has shared with the preparer about
• Online—A QFT can receive an EIN by
The law provides a penalty of 5% of the tax
math errors, offsets, and return preparation.
Internet and use it immediately to file a return.
due for each month, or part of a month, up to
The trustee is not authorizing the paid
Go to the IRS website at
a maximum of 25% of the tax due, for each
businesses/small and click on Employer ID
preparer to receive any refund check, bind
month the return is not filed. If the return is
the QFT to anything (including any additional
numbers.
more than 60 days late, the minimum penalty
tax liability), or otherwise represent the QFT
is the smaller of $135 or the tax due.
• By mail or fax—Send in a completed Form
before the IRS.
SS-4. Form SS-4 can be obtained online at
The penalty will not be imposed if you can
The authorization will automatically end no
orderforms.
show that the failure to file on time was due to
later than the due date (without regard to
reasonable cause. If you receive a notice
If the QFT has not received its EIN by the
extensions) for filing the QFT’s 2016 tax
about penalty or interest after filing the return,
time the return is due, write “Applied for” in
return. If the trustee wants to expand the paid
send us an explanation and we will determine
the space for the EIN.
preparer’s authorization or revoke the
whether you meet the reasonable cause
Line 3—Address
authorization before it ends, see Pub. 947,
criteria. Do not attach an explanation to the
Practice Before the IRS and Power of
return.
Include the suite, room, or other unit number
Attorney.
after the street address. If the post office does
Late Payment of Tax
not deliver mail to the street address and you
Accounting Methods
Generally, the penalty for not paying the tax
have a P.O. box, show the box number
/
Figure taxable income using the method of
when due is
1
of 1% of the unpaid amount
instead of the street address.
2
for each month or part of a month that it
accounting regularly used in keeping the
If you want a third party (such as an
remains unpaid. The maximum penalty is 25%
QFT’s books and records. Generally,
accountant or an attorney) to receive mail for
of the unpaid amount. The penalty applies to
permissible methods include the cash
the QFT, enter on the street address line
any unpaid tax on the return. Any penalty is in
method, the accrual method, or any other
“C/O” followed by the third party’s name and
addition to interest charges on late payments.
method authorized by the Internal Revenue
street address or P.O. box.
Code. In all cases, the method used must
Underpaid Estimated Tax
If you change your address (including a new
clearly reflect income.
“in care of” name and address) after filing
If the trustee underpaid estimated tax, use
Generally, the QFT may change its
Form 1041-QFT, use Form 8822-B, Change of
Form 2210, Underpayment of Estimated Tax
accounting method (for income as a whole or
Address or Responsible Party—Business, to
by Individuals, Estates, and Trusts, to figure
for any material item) only by getting consent
notify the IRS.
any penalty.
on Form 3115, Application for Change in
Line 4—Number of QFTs
Accounting Method. For more information, see
▲
If you include interest or any of
!
Pub. 538, Accounting Periods and Methods.
these penalties with your payment,
If this is a composite return, enter the total
identify and enter these amounts
number of QFTs (including separate interests
Accounting Period
in the bottom margin of Form
CAUTION
treated as separate QFTs) included on the
1041-QFT. Do not include the interest or
All QFTs must use a calendar year as their
return.
penalty amount in the balance of tax due on
accounting period.
Part II—Tax Computation
line 17.
Rounding Off to Whole Dollars
Other Penalties
Composite Return
You may round off cents to whole dollars on
Other penalties can be imposed for
▲
If this is a composite return,
your return and statements. If you do round to
!
negligence, substantial understatement of tax,
enter in Part II the totals for all
whole dollars, you must round all amounts. To
and fraud. See Pub. 17, Your Federal Income
the QFTs included on the return.
round, drop amounts under 50 cents and
Tax, for details on these penalties.
increase amounts from 50 to 99 cents to the
CAUTION
next dollar. For example, $1.39 becomes $1
Final Form 1041
Income
and $2.50 becomes $3. If you have to add
If you have an existing EIN(s) that you
two or more amounts to figure the amount to
Line 2a—Total Ordinary Dividends
previously used for filing Form 1041 and that
enter on a line, include cents when adding the
Report all ordinary dividends received during
you will not use again (i.e., for QFTs included
amounts and round off only the total.
the tax year.
in a composite return), you should file Form
Estimated Tax
Report capital gain distributions on
1041 and check the final return box.
Schedule D (Form 1041), line 13.
Generally, a QFT must pay estimated income
Specific Instructions
Line 2b—Qualified Dividends
tax for 2016 if it expects to owe, after
subtracting withholding and credits, at least
Enter on line 2b the amount reported on line
Part I—General Information
$1,000 in tax. Estimated tax liability is figured
2a that is a qualified dividend. A qualified
for the individual QFT, and not for a
dividend is a dividend received during the tax
Line 1—Name of Trust
composite return taken as a whole. For details
year from (a) a domestic corporation or (b) a
Copy the exact name from the Form SS-4,
and exceptions, see Form 1041-ES,
qualified foreign corporation. A qualified
Application for Employer Identification
Estimated Income Tax for Estates and Trusts.
dividend does not include: any dividend from
Number, used to apply for the employer
a corporation if the corporation is (or was)
Interest and Penalties
identification number you are using to file
exempt from income tax under section 501 or
Form 1041-QFT.
521 for the tax year during which the
Interest
distribution was made, any amount allowed
Line 2—Employer Identification
Interest is charged on taxes not paid by the
as a deduction under section 591, or any
Number (EIN)
due date, even if an extension of time to file is
dividend described under section 404(k).
granted. Interest is also charged on the
If the QFT is not filing as part of a composite
Exception. Some dividends may be reported
failure-to-pay penalty, failure-to-file penalty,
return, use the EIN of the QFT. If the QFT
to the trust as qualified dividends but are not
the accuracy-related penalty, and the fraud
does not have an EIN, it must apply for one.
qualified dividends. See the instructions for
penalty. The interest charge is figured at a
Every trustee that elects to file a composite
line 2b(2) in the 2015 Instructions for Form
rate determined under section 6621.
return must apply for an EIN to be used only
1041 for more information.
for filing Form 1041-QFT. A trustee must use
a separate EIN for every Form 1041-QFT it
Line 4—Other Income
files.
Enter all other types of income not included
on line 1a, 2a, or 3. List the type and amount
on an attached statement if the QFT(s) has
more than one item.
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