Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - Department Of Treasury - 2013 Page 2
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Form 1041-QFT (2013)
Page
General Instructions
If a QFT has multiple beneficiaries, each
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beneficiary’s separate interest under a
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Section references are to the Internal
contract is treated as a separate QFT for the
Air, UPS 2nd Day Air A.M., UPS Worldwide
Revenue Code.
purpose of figuring the tax and filing this
Express Plus, and UPS Worldwide Express.
return. Each beneficiary’s share of the trust’s
Future Developments
The private delivery service can tell you
income is determined in accordance with the
how to get written proof of the mailing date.
For the latest information about developments
beneficiary’s interest in the trust. A
Extension of Time To File
related to Form 1041-QFT and its instructions,
beneficiary’s interest in a trust may be
such as legislation enacted after they were
determined under any reasonable method.
Use Form 7004, Application for Automatic
published, go to
Extension of Time To File Certain Business
Whenever these instructions refer to a trust
Income Tax, Information, and Other Returns,
or QFT, it includes such separate interests
What's New
to get a 6-month extension of time to file. An
that are treated as separate QFTs.
Net investment income tax. For tax years
extension of time to file a return does not
Making the Election
beginning in 2013, an estate or trust may be
extend the time to pay the tax.
subject to net investment income tax (NIIT).
The trustee makes the election to treat a trust
Where To File
NIIT is a 3.8% tax on the lesser of an estate's
as a QFT by filing Form 1041-QFT for the
or trust's undistributed net investment income
File Form 1041-QFT at the following address:
trust by the due date (including extensions).
or the excess of the estate's or trust's
Department of Treasury
You may elect QFT status for a trust’s first
adjusted gross income over a specified
Internal Revenue Service
eligible year or for any subsequent year. Once
threshold amount. NIIT may need to be
Cincinnati, OH 45999
made, the election may not be revoked
included when figuring estimated tax. In
without the consent of the IRS.
addition, there are special rules when
Who Must Sign
calculating NIIT for a composite return. See
Composite Return
Trustee
Composite Return, later.
A trustee may file a single, composite Form
The trustee, or an authorized representative,
Purpose of Form
1041-QFT for some or all QFTs of which he or
must sign Form 1041-QFT.
she is the trustee, including QFTs that had a
The trustee of a trust that has elected to be
Paid Preparer
short tax year.
taxed as a qualified funeral trust (QFT) files
Generally, anyone who is paid to prepare a
Form 1041-QFT to report the income,
You must attach a statement to a
tax return must sign the return and fill in the
deductions, gains, losses, and tax liability of
composite Form 1041-QFT that includes the
other blanks in the Paid Preparer Use Only
the QFT. The trustee can use the form to
following information for each QFT (or
area of the return. The person required to sign
report information for a single QFT or for
separate interest treated as a separate QFT):
the return must:
multiple QFTs having the same trustee. If filing
• The name of the owner or the beneficiary. If
Form 1041-QFT for multiple QFTs, please see
• Complete the required preparer information,
you list the name of the owner and that trust
the rules discussed under Composite Return
has more than one beneficiary, you must
• Sign it in the space provided for the
on this page.
separate the trust into shares held by the
preparer’s signature, and
Pre-need funeral trusts that do not qualify
separate beneficiaries;
• Give you a copy of the return in addition to
as QFTs should see the instructions for Form
• The type and gross amount of each type of
the copy to be filed with the IRS.
1041, U.S. Income Tax Return for Estates and
income earned by the QFT for the tax year.
Anyone who is paid to prepare the trust's
Trusts, for their filing requirements.
For capital gains, identify separately the
return must enter their PTIN in the Paid
amount of (a) net short-term capital gain,
Qualified Funeral Trust
Preparer Use Only section. The PTIN entered
(b) net long-term capital gain, (c) 28% rate
must have been issued after September 27,
A QFT is a domestic trust that meets all of
gain, and (d) unrecaptured section 1250 gain;
2010. For information, see Form W-12, IRS
the following requirements:
• The type and amount of each deduction and
Paid Preparer Tax Identification Number
• The trust arose as a result of a contract with
credit allocable to the QFT;
(PTIN) Application and Renewal.
a person engaged in the trade or business of
• The tax and payments made for each QFT;
Paid Preparer Authorization
providing funeral or burial services or property
and
to provide such services.
If the trustee wants to allow the IRS to
• The termination date for each QFT that was
discuss the QFT’s 2013 tax return with the
• The sole purpose of the trust is to hold,
terminated during the year.
paid preparer who signed it, check the “Yes”
invest, and reinvest funds in the trust and to
box in the signature area of the return. This
use those funds solely to pay for funeral or
Note. When calculating NIIT for a composite
authorization applies only to the individual
burial services or property to provide such
return, treat each beneficiary's interest in
whose signature appears in the Paid Preparer
services for the benefit of the beneficiaries of
each QFT (within the meaning of section 685)
Use Only section of the QFT’s return. It does
the trust.
as a separate trust.
not apply to the firm, if any, shown in that
• The only beneficiaries of the trust are
When To File
section.
individuals for whom such services or
If the “Yes” box is checked, the trustee is
property are to be provided at their death
File Form 1041-QFT by April 15, 2014. The due
authorizing the IRS to call the paid preparer
under the contracts described above.
date for a composite return is also April 15, 2014,
to answer any questions that may arise
even if the return includes QFTs that terminated
• The only contributions to the trust are
during the processing of the QFT’s return.
during the year. If you are filing for a short year,
contributions by or for such beneficiaries’
The trustee is also authorizing the paid
file Form 1041-QFT by the 15th day of the 4th
benefit.
preparer to:
month following the close of the short year. If the
• The trustee makes or previously had made
due date falls on a Saturday, Sunday, or a legal
• Give the IRS any information that is missing
the election to treat the trust as a QFT.
holiday, file by the next business day.
from the QFT’s return,
• The trust would have been treated as owned
Private Delivery Services
• Call the IRS for information about the
by the purchasers of the contracts under the
processing of the QFT’s return or the status
You can use certain private delivery services
grantor trust provisions of the Code if the QFT
of its refund or payment(s), and
designated by the IRS to meet the “timely
election had not been made.
• Respond to certain IRS notices that the
mailing as timely filing/paying” rules for tax
Note. A trust that is not treated as owned by
trustee has shared with the preparer about
returns and payments. These private delivery
the purchaser solely because of the death of
math errors, offsets, and return preparation.
services include only the following.
an individual will be treated as meeting this
The trustee is not authorizing the paid
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requirement during the 60-day period
preparer to receive any refund check, bind
beginning on the date of that individual’s
• Federal Express (FedEx): FedEx Priority
the QFT to anything (including any additional
death.
Overnight, FedEx Standard Overnight, FedEx
tax liability), or otherwise represent the QFT
2Day, FedEx International Priority, and FedEx
before the IRS.
International First.
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