Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - 2014 Page 3

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Form 1041-QFT (2014)
The authorization will automatically end no
The penalty will not be imposed if you can
• By mail or fax—Send in a completed Form
later than the due date (without regard to
show that the failure to file on time was due to
SS-4. Form SS-4 can be obtained by calling
extensions) for filing the QFT’s 2015 tax
reasonable cause. If you receive a notice
return. If the trustee wants to expand the paid
about penalty or interest after filing the return,
If the QFT has not received its EIN by the
preparer’s authorization or revoke the
send us an explanation and we will determine
time the return is due, write “Applied for” in
authorization before it ends, see Pub. 947,
whether you meet the reasonable cause
the space for the EIN.
Practice Before the IRS and Power of
criteria. Do not attach an explanation to the
Line 3—Address
Include the suite, room, or other unit number
Late Payment of Tax
Accounting Methods
after the street address. If the post office does
Generally, the penalty for not paying the tax
Figure taxable income using the method of
not deliver mail to the street address and you
when due is
of 1% of the unpaid amount
accounting regularly used in keeping the
have a P.O. box, show the box number
for each month or part of a month that it
QFT’s books and records. Generally,
instead of the street address.
remains unpaid. The maximum penalty is 25%
permissible methods include the cash
If you want a third party (such as an
of the unpaid amount. The penalty applies to
method, the accrual method, or any other
accountant or an attorney) to receive mail for
any unpaid tax on the return. Any penalty is in
method authorized by the Internal Revenue
the QFT, enter on the street address line
addition to interest charges on late payments.
Code. In all cases, the method used must
“C/O” followed by the third party’s name and
clearly reflect income.
Underpaid Estimated Tax
street address or P.O. box.
Generally, the QFT may change its
If the trustee underpaid estimated tax, use
If you change your address (including a new
accounting method (for income as a whole or
Form 2210, Underpayment of Estimated Tax
“in care of” name and address) after filing
for any material item) only by getting consent
by Individuals, Estates, and Trusts, to figure
Form 1041-QFT, use Form 8822-B, Change of
on Form 3115, Application for Change in
any penalty.
Address or Responsible Party—Business, to
Accounting Method. For more information, see
notify the IRS.
If you include interest or any of
Pub. 538, Accounting Periods and Methods.
Line 4—Number of QFTs
these penalties with your payment,
Accounting Period
identify and enter these amounts
If this is a composite return, enter the total
in the bottom margin of Form
All QFTs must use a calendar year as their
number of QFTs (including separate interests
1041-QFT. Do not include the interest or
accounting period.
treated as separate QFTs) included on the
penalty amount in the balance of tax due on
Rounding Off to Whole Dollars
line 17.
Part II—Tax Computation
You may round off cents to whole dollars on
Other Penalties
your return and statements. If you do round to
Composite Return
Other penalties can be imposed for
whole dollars, you must round all amounts. To
If this is a composite return,
negligence, substantial understatement of tax,
round, drop amounts under 50 cents and
and fraud. See Pub. 17, Your Federal Income
enter in Part II the totals for all
increase amounts from 50 to 99 cents to the
Tax, for details on these penalties.
the QFTs included on the return.
next dollar. For example, $1.39 becomes $1
and $2.50 becomes $3. If you have to add
Final Form 1041
two or more amounts to figure the amount to
If you have an existing EIN(s) that you
enter on a line, include cents when adding the
Line 2a—Total Ordinary Dividends
previously used for filing Form 1041 and that
amounts and round off only the total.
you will not use again (i.e., for QFTs included
Report all ordinary dividends received during
Estimated Tax
in a composite return), you should file Form
the tax year.
1041 and check the final return box.
Generally, a QFT must pay estimated income
Report capital gain distributions on
tax for 2015 if it expects to owe, after
Schedule D (Form 1041), line 13.
Specific Instructions
subtracting withholding and credits, at least
Line 2b—Qualified Dividends
$1,000 in tax. Estimated tax liability is figured
Part I—General Information
Enter on line 2b the amount reported on line
for the individual QFT, and not for a
2a that is a qualified dividend. A qualified
composite return taken as a whole. For details
Line 1—Name of Trust
dividend is a dividend received during the tax
and exceptions, see Form 1041-ES,
Copy the exact name from the Form SS-4,
year from (a) a domestic corporation or (b) a
Estimated Income Tax for Estates and Trusts.
Application for Employer Identification
qualified foreign corporation. A qualified
Interest and Penalties
Number, used to apply for the employer
dividend does not include: any dividend from
identification number you are using to file
a corporation if the corporation is (or was)
Form 1041-QFT.
exempt from income tax under section 501 or
Interest is charged on taxes not paid by the
521 for the tax year during which the
Line 2—Employer Identification
due date, even if an extension of time to file is
distribution was made; any amount allowed
Number (EIN)
granted. Interest is also charged on the
as a deduction under section 591; or any
failure-to-pay penalty, failure-to-file penalty,
If the QFT is not filing as part of a composite
dividend described under section 404(k).
the accuracy-related penalty, and the fraud
return, use the EIN of the QFT. If the QFT
Exception. Some dividends may be reported
penalty. The interest charge is figured at a
does not have an EIN, it must apply for one.
to the trust as qualified dividends but are not
rate determined under section 6621.
Every trustee that elects to file a composite
qualified dividends. See the instructions for
return must apply for an EIN to be used only
Late Filing of Return
line 2b(2) in the 2014 Instructions for Form
for filing Form 1041-QFT. A trustee must use
1041 for more information.
The law provides a penalty of 5% of the tax
a separate EIN for every Form 1041-QFT it
Line 4—Other Income
due for each month, or part of a month, up to
a maximum of 25% of the tax due, for each
Enter all other types of income not included
A QFT without an EIN can apply for one.
month the return is not filed. If the return is
on line 1a, 2a, or 3. List the type and amount
• Online—A QFT can receive an EIN by
more than 60 days late, the minimum penalty
on an attached statement if the QFT(s) has
Internet and use it immediately to file a return.
is the smaller of $135 or the tax due.
more than one item.
Go to the IRS website at
businesses/small and click on Employer ID
Allocation of Deductions for Tax-Exempt


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