Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - 2015 Page 4
Download a blank fillable Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - 2015 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - 2015 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
44
Form 1041-QFT (2015)
Page
Deductions
Line 13—Tax
Line 18—Payments
Tax rate schedule. Unless the instructions
Include on line 18 any of the following.
Allocation of Deductions for Tax-Exempt
that follow for Schedule D or Composite
Income
• Estimated tax payments made for 2015.
Return apply, figure the tax using the Tax
Generally, no deduction that would otherwise
• Tax paid with a request for an extension of
Rate Schedule below. Enter the tax on line 13.
be allowable is allowed for any expense that
time to file.
is allocable to tax-exempt income, such as
• Federal income tax withheld (for example,
2015 Tax Rate Schedule
interest on state or local bonds.
backup withholding).
Exception. State income taxes and business
If taxable
• Credit for tax paid on undistributed capital
expenses that are allocable to tax-exempt
income
But
Of the
gains. Also attach Copy B of Form 2439,
interest are deductible.
is:
not
amount
Notice to Shareholder of Undistributed
Over—
over
Its tax is:
over—
Expenses that are directly allocable to
Long-Term Capital Gains.
tax-exempt income are allocable only to
$0
$2,500
15%
$0
Line 19—Tax Due
tax-exempt income. A reasonable proportion
2,500
5,900
$375.00 +
25%
2,500
of expenses indirectly allocable to both tax-
5,900
9,050
1,225.00 +
28%
5,900
You must pay the tax in full when the return
exempt income and other income must be
is filed. Make the check or money order
9,050
12,300
9,050
2,107.00 +
33%
allocated to each class of income.
payable to “United States Treasury.” Write the
12,300
3,179.50 + 39.6%
12,300
- - - -
EIN from line 2 of the form and “2015 Form
Limitations on Deductions
Schedule D. If the QFT had both a net
1041-QFT” on the payment. Enclose, but do
Generally, the amount a QFT has “at-risk”
capital gain and any taxable income, or any
not attach, the payment with Form 1041-QFT.
limits the loss it can deduct in any tax year.
qualified dividends and any taxable income,
Also, section 469 and its regulations generally
complete Part V of Schedule D (Form 1041);
Paperwork Reduction Act Notice. We ask
limit losses from passive activities to the
on line 13 then enter the tax from line 45 of
for the information on this form to carry out
amount of income derived from all passive
Schedule D.
the Internal Revenue laws of the United
activities. Similarly, credits from passive
Composite return. If this is a composite
States. You are required to give us this
activities are generally limited to the tax
return, check this box and enter on line 13
information. We need it to ensure that you are
attributable to such activities.
the total of the tax computed separately for
complying with these laws and to allow us to
For details on these and other limitations on
each QFT using either the 2015 Tax Rate
figure and collect the right amount of tax.
deductions, see Deductions in the
Schedule above or Schedule D (Form 1041).
You are not required to provide the
Instructions for Form 1041.
information requested on a form that is
Line 14—Credits
Line 9—Other Deductions Not Subject to
subject to the Paperwork Reduction Act
Specify the type of credit being claimed and
the 2% Floor
unless the form displays a valid OMB control
attach any required credit forms. If you are
number. Books or records relating to a form
Attach your own statement, listing by type
claiming more than one type of credit, attach
or its instructions must be retained as long as
and amount all allowable deductions that are
a statement listing the type and amount of
their contents may become material in the
not deductible elsewhere on the form.
each credit claimed. See the Instructions for
administration of any Internal Revenue law.
▲
QFTs are not allowed a deduction
Form 1041 for details on the credits that may
Generally, tax returns and return information
!
for a personal exemption.
be claimed.
are confidential, as required by section 6103.
Line 16—Net Investment Income Tax
The time needed to complete and file this
CAUTION
form will vary depending on individual
For tax years beginning on or after January 1,
Line 10—Allowable Miscellaneous Itemized
circumstances. The estimated average time is:
2013, a QFT may be liable for the net
Deductions Subject to the 2% Floor
investment income tax enacted under section
Recordkeeping
.
.
.
.
10 hr., 2 min.
These deductions are deductible only to the
1411. To determine if this tax applies, see
Learning about the law
extent that the aggregate amount of such
Form 8960, Net Investment Income Tax–
or the form .
.
.
.
.
.
2 hr., 18 min.
deductions exceeds 2% of adjusted gross
Individuals, Estates, and Trusts, and its
Preparing the form
.
.
.
5 hr., 21 min.
income (AGI).
instructions.
Copying, assembling,
Among the miscellaneous itemized
Line 17—Total Tax
and sending the form
deductions that must be included on line 10
to the IRS .
If the QFT owes any additional taxes (for
.
.
.
.
.
.
. 48 min.
are expenses for the production or collection
example, alternative minimum tax, recapture
of income, such as investment advisory fees.
If you have comments concerning the
taxes, etc.), include these taxes on line 17. To
accuracy of these time estimates or
AGI is figured by subtracting from total
the left of the entry space, write the type and
suggestions for making this form simpler, we
income on line 5 the total of the
amount of the tax. Also attach to Form
would be happy to hear from you. You can
administrative costs on lines 7 through 9 to
1041-QFT any forms required to figure these
send us comments from
the extent they are costs incurred in the
taxes (for example, Schedule I (Form 1041)).
formspubs/. Click on “More Information” and
administration of the QFTs that would not
See the Instructions for Form 1041 for more
have been incurred if the property were not
then on “Give us feedback.” Or you can send
details on additional taxes that may apply.
your comments to Tax Forms and
held by the QFTs.
Publications Division, Internal Revenue
If this is a composite return, you must
Service, 1111 Constitution Ave. NW, IR-6526,
figure the AGI separately for each QFT using
Washington, DC 20224. Do not send the tax
each QFT’s share of the amounts on the lines
form to this address. Instead, see Where To
referred to above.
File.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial