Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - 2014 Page 4
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Form 1041-QFT (2014)
Page
Line 13—Tax
Line 18—Payments
Generally, no deduction that would otherwise
be allowable is allowed for any expense that
Tax rate schedule. Unless the instructions
Include on line 18 any of the following.
is allocable to tax-exempt income, such as
that follow for Schedule D or Composite
• Estimated tax payments made for 2014.
interest on state or local bonds.
Return apply, figure the tax using the Tax
• Tax paid with a request for an extension of
Exception. State income taxes and business
Rate Schedule below. Enter the tax on line 13.
time to file.
expenses that are allocable to tax-exempt
interest are deductible.
• Federal income tax withheld (for example,
2014 Tax Rate Schedule
backup withholding).
Expenses that are directly allocable to
If taxable
tax-exempt income are allocable only to
• Credit for tax paid on undistributed capital
income
But
Of the
tax-exempt income. A reasonable proportion
gains. Also attach Copy B of Form 2439,
is:
not
amount
of expenses indirectly allocable to both tax-
Notice to Shareholder of Undistributed
Over—
over
Its tax is:
over—
exempt income and other income must be
Long-Term Capital Gains.
15%
$0
$2,500
$0
allocated to each class of income.
Line 19—Tax Due
2,500
5,800
2,500
$375.00 +
25%
Limitations on Deductions
5,800
8,900
1,200.00 +
28%
5,800
You must pay the tax in full when the return
8,900
12,150
2,068.00 +
33%
8,900
Generally, the amount a QFT has “at-risk”
is filed. Make the check or money order
12,150
3,140.50 + 39.6%
12,150
- - - -
limits the loss it can deduct in any tax year.
payable to “United States Treasury.” Write the
Also, section 469 and its regulations generally
Schedule D. If the QFT had both a net
EIN from line 2 of the form and “2014 Form
limit losses from passive activities to the
capital gain and any taxable income, or any
1041-QFT” on the payment. Enclose, but do
amount of income derived from all passive
qualified dividends and any taxable income,
not attach, the payment with Form 1041-QFT.
activities. Similarly, credits from passive
complete Part V of Schedule D (Form 1041);
activities are generally limited to the tax
on line 13 then enter the tax from line 45 of
Paperwork Reduction Act Notice. We ask
attributable to such activities.
Schedule D.
for the information on this form to carry out
For details on these and other limitations on
Composite return. If this is a composite
the Internal Revenue laws of the United
deductions, see Deductions in the
return, check this box and enter on line 13
States. You are required to give us this
Instructions for Form 1041.
the total of the tax computed separately for
information. We need it to ensure that you are
each QFT using either the 2014 Tax Rate
complying with these laws and to allow us to
Line 9—Other Deductions Not Subject to
Schedule above or Schedule D (Form 1041).
figure and collect the right amount of tax.
the 2% Floor
You are not required to provide the
Line 14—Credits
Attach your own statement, listing by type
information requested on a form that is
and amount all allowable deductions that are
Specify the type of credit being claimed and
subject to the Paperwork Reduction Act
not deductible elsewhere on the form.
attach any required credit forms. If you are
unless the form displays a valid OMB control
claiming more than one type of credit, attach
▲
QFTs are not allowed a deduction
number. Books or records relating to a form
!
a statement listing the type and amount of
for a personal exemption.
or its instructions must be retained as long as
each credit claimed. See the Instructions for
their contents may become material in the
Form 1041 for details on the credits that may
CAUTION
administration of any Internal Revenue law.
be claimed.
Generally, tax returns and return information
Line 10—Allowable Miscellaneous Itemized
Line 16—Net Investment Income Tax
are confidential, as required by section 6103.
Deductions Subject to the 2% Floor
The time needed to complete and file this
For tax years beginning on or after January 1,
These deductions are deductible only to the
form will vary depending on individual
2013, a QFT may be liable for the net
extent that the aggregate amount of such
circumstances. The estimated average time is:
investment income tax enacted under section
deductions exceeds 2% of adjusted gross
1411. To determine if this tax applies, see
income (AGI).
Recordkeeping
.
.
.
.
9 hr., 34 min.
Form 8960, Net Investment Income Tax–
Among the miscellaneous itemized
Learning about the law
Individuals, Estates, and Trusts, and its
deductions that must be included on line 10
or the form .
.
.
.
.
.
2 hr., 18 min.
instructions.
are expenses for the production or collection
Preparing the form
.
.
.
5 hr., 20 min.
Line 17—Total Tax
of income, such as investment advisory fees.
Copying, assembling,
AGI is figured by subtracting from total
If the QFT owes any additional taxes (for
and sending the form
income on line 5 the total of the
example, alternative minimum tax, recapture
to the IRS .
.
.
.
.
.
.
. 48 min.
administrative costs on lines 7 through 9 to
taxes, etc.), include these taxes on line 17. To
If you have comments concerning the
the extent they are costs incurred in the
the left of the entry space, write the type and
accuracy of these time estimates or
administration of the QFTs that would not
amount of the tax. Also attach to Form
suggestions for making this form simpler, we
have been incurred if the property were not
1041-QFT any forms required to figure these
would be happy to hear from you. You can
held by the QFTs.
taxes (for example, Schedule I (Form 1041)).
send your comments to Tax Forms and
See the Instructions for Form 1041 for more
If this is a composite return, you must
Publications Division, Internal Revenue
details on additional taxes that may apply.
figure the AGI separately for each QFT using
Service, 1111 Constitution Ave. NW, IR-6526,
each QFT’s share of the amounts on the lines
Washington, DC 20224. Do not send the tax
referred to above.
form to this address. Instead, see Where To
File.
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