Form 1041-Qft - U.s. Income Tax Return For Qualified Funeral Trusts - Department Of Treasury - 2013 Page 4
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Form 1041-QFT (2013)
Page
Line 13—Tax
Generally, no deduction that would otherwise
• Federal income tax withheld (for example,
be allowable is allowed for any expense that
backup withholding).
Tax rate schedule. Unless the instructions
is allocable to tax-exempt income, such as
• Credit for tax paid on undistributed capital
that follow for Schedule D or Composite
interest on state or local bonds.
gains. Also attach Copy B of Form 2439,
Return apply, figure the tax using the Tax
Exception. State income taxes and business
Notice to Shareholder of Undistributed
Rate Schedule below. Enter the tax on line 13.
expenses that are allocable to tax-exempt
Long-Term Capital Gains.
interest are deductible.
2013 Tax Rate Schedule
Line 19—Tax Due
Expenses that are directly allocable to
You must pay the tax in full when the return
If taxable
tax-exempt income are allocable only to
is filed. Make the check or money order
income
But
Of the
tax-exempt income. A reasonable proportion
payable to “United States Treasury.” Write the
is:
not
amount
of expenses indirectly allocable to both tax-
EIN from line 2 of the form and “2013 Form
Over—
over
Its tax is:
over—
exempt income and other income must be
1041-QFT” on the payment. Enclose, but do
15%
$0
$2,450
$0
allocated to each class of income.
2,450
5,700
2,450
not attach, the payment with Form 1041-QFT.
$367.50 +
25%
Limitations on Deductions
5,700
8,750
1,180.00 +
28%
5,700
8,750
11,950
2,034.00 +
33%
8,750
Generally, the amount a QFT has “at-risk”
Paperwork Reduction Act Notice. We ask
11,950
3,090.00 + 39.6%
11,950
- - - -
limits the loss it can deduct in any tax year.
for the information on this form to carry out
Also, section 469 and its regulations generally
Schedule D. If the QFT had both a net
the Internal Revenue laws of the United
limit losses from passive activities to the
capital gain and any taxable income, or any
States. You are required to give us this
amount of income derived from all passive
qualified dividends and any taxable income,
information. We need it to ensure that you are
activities. Similarly, credits from passive
complete Part V of Schedule D (Form 1041)
complying with these laws and to allow us to
activities are generally limited to the tax
on line 13 and enter the tax from line 34 of
figure and collect the right amount of tax.
attributable to such activities.
Schedule D.
You are not required to provide the
For details on these and other limitations on
Composite return. If this is a composite
information requested on a form that is
deductions, see Deductions in the
return, check this box and enter on line 13
subject to the Paperwork Reduction Act
Instructions for Form 1041.
the total of the tax computed separately for
unless the form displays a valid OMB control
each QFT using either the 2013 Tax Rate
number. Books or records relating to a form
Line 9—Other Deductions Not Subject to
Schedule above or Schedule D (Form 1041).
or its instructions must be retained as long as
the 2% Floor
their contents may become material in the
Line 14—Credits
Attach your own statement, listing by type
administration of any Internal Revenue law.
and amount all allowable deductions that are
Specify the type of credit being claimed and
Generally, tax returns and return information
not deductible elsewhere on the form.
attach any required credit forms. If you are
are confidential, as required by section 6103.
claiming more than one type of credit, attach
▲
QFTs are not allowed a deduction
The time needed to complete and file this
!
a statement listing the type and amount of
for a personal exemption.
form will vary depending on individual
each credit claimed. See the Instructions for
circumstances. The estimated average time is:
Form 1041 for details on the credits that may
CAUTION
Recordkeeping
.
.
.
.
9 hr., 34 min.
be claimed.
Line 10—Allowable Miscellaneous Itemized
Learning about the law
Line 16—Net Investment Income Tax
Deductions Subject to the 2% Floor
or the form .
.
.
.
.
.
2 hr., 18 min.
For tax years beginning on or after January 1,
These deductions are deductible only to the
Preparing the form
.
.
.
5 hr., 20 min.
2013, a QFT may be liable for the net
extent that the aggregate amount of such
investment income tax enacted under section
Copying, assembling,
deductions exceeds 2% of adjusted gross
1411. To determine if this tax applies, see
and sending the form
income (AGI).
Form 8960 and its Instructions.
to the IRS .
.
.
.
.
.
.
. 48 min.
Among the miscellaneous itemized
If you have comments concerning the
Line 17—Total Tax
deductions that must be included on line 10
accuracy of these time estimates or
are expenses for the production or collection
If the QFT owes any additional taxes (for
suggestions for making this form simpler, we
of income, such as investment advisory fees.
example, alternative minimum tax, recapture
would be happy to hear from you. You can
AGI is figured by subtracting from total
taxes, etc.), include these taxes on line 17. To
send your comments to Tax Forms and
income on line 5 the total of the
the left of the entry space, write the type and
Publications Division, Internal Revenue
administrative costs on lines 7 through 9 to
amount of the tax. Also attach to Form
Service, 1111 Constitution Ave. NW, IR-6526,
the extent they are costs incurred in the
1041-QFT any forms required to figure these
Washington, DC 20224. Do not send the tax
administration of the QFTs that would not
taxes (for example, Schedule I (Form 1041)).
form to this address. Instead, see Where To
have been incurred if the property were not
See the Instructions for Form 1041 for more
File.
held by the QFTs.
details on additional taxes that may apply.
If this is a composite return, you must
Line 18—Payments
figure the AGI separately for each QFT using
Include on line 18 any of the following.
each QFT’s share of the amounts on the lines
• Estimated tax payments made for 2013.
referred to above.
• Tax paid with a request for an extension of
time to file.
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