Form Tc-41 - Fiduciary Income Tax - 2012 Page 3
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
312012 Utah Fiduciary Income Tax
Page 1
General Instructions
Utah Taxpayer Advocate Service
to penalties and interest. (See Penalties and Interest
The Taxpayer Advocate Service assists taxpayers who
instructions on page 2.)
have made multiple unsuccessful attempts to resolve con-
Utah does not require quarterly estimated tax payments.
cerns with the Tax Commission. This service helps resolve
You can prepay at any time by sending your payment
problems when normal departmental processes break
with form TC-548, Fiduciary Income Tax Prepayment
down, identifi es why the problem occurred and suggests
Coupon, or by paying online at taxexpress.utah.gov.
remedies to stop the problem from recurring. See specifi c
details at tax.utah.gov/contact or contact us to fi nd out
See additional instructions below.
if you qualify for this assistance at 801-297-7562, toll free
Tax Period and Accounting Method
at 800-662-4335, ext. 7562, or by email at taxpayeradvo-
The fi rst return fi led by an administrator or executor of
cate@utah.gov.
an estate must cover the period from the date of the
The Taxpayer Advocate Service should not be used to
decedent’s death to the end of the fi rst tax year selected
bypass normal methods for resolving disputes or issues.
by the fi duciary. The fi rst return fi led by a fi duciary of a
References
trust must cover the period beginning with the creation
UC: Utah Code, available at le.utah.gov
of the trust to the end of the fi rst tax year selected by
IRC: Internal Revenue Code available at law.cornell.edu/
the fi duciary. Returns must be fi led for each subsequent
uscode/26
year the estate or trust exists. The taxable year cannot
be longer than 12 months and must coincide with the
What’s New
tax year selected for fi ling the federal return. You must
• Domicile Defi nition Changed. Utah law defi ning
use the same accounting method used for federal fi du-
domicile has changed. See page 2.
ciary income tax purposes for Utah fi duciary income
• Gold and Silver Coin Sale Credit. The Legislature
tax purposes.
has enacted an apportionable nonrefundable credit for
Return for Period Covered
taxable years beginning after December 31, 2011, for
the net capital gain on the sale of gold and silver coins.
File the 2012 Utah Fiduciary Return for calendar year
See page 12.
2012 and fi scal years beginning in 2012 and ending in
• Recycling Market Development Zone Credit. The
2013. If the return is for a fi scal year or a short tax year
Legislature has reinstated this credit for taxable years
(less than 12 months), fi ll in the tax year space at the
beginning after December 31, 2011. See page 14.
top of the form.
• Credit for Increasing Research Activities in Utah.
Extension of Time to File
The credit for qualifi ed research expenses incurred
There is NO extension of time to pay your taxes – only
in the taxable year has been reduced from 9.2% to
to fi le your tax return.
7.5%. See page 14.
• Veteran Employment Tax Credit. A new nonre-
You automatically get an extension of up to six months
fundable credit is allowed for hiring a qualifi ed re-
to fi le your return. No extension form is required to be
cently deployed veteran. See page 15.
fi led. However, penalties will be assessed if you have not
• 2013 Change Coming. Beginning January 1, 2013,
met the prepayment requirements by the original due
some Utah trusts will be treated as pass-through en-
date (see next paragraph). See Penalties and Interest
tities and will be required to withhold Utah income tax
instructions on page 2. All extension returns must be
on distributions to benefi ciaries. For more informa-
fi led by October 15, 2013.
tion, see Pub 68, Pass-through Entity Withholding,
Prepayment Requirements for Filing
available at tax.utah.gov/forms.
Extension
Who Must File
You must prepay by the original due date:
A fi duciary of a resident estate or trust, or a fi duciary
•
90% of the 2012 Utah income tax due (TC-41 line 28);
of a nonresident estate or trust with income derived
•
100% of the 2011 Utah income tax liability as
from Utah sources, if required to fi le a federal Fiduciary
indicated on the 2011 Utah Fiduciary Income Tax
Income Tax Return, must fi le a Utah Fiduciary Income
Return (TC-41 line 28); or
Tax Return, form TC-41.
•
90% of the 2012 Utah income tax due if you did not
When to File and Pay
have a Utah tax liability in 2011 or this is your fi rst
You must fi le your return and pay any income tax due:
year fi ling.
1. By April 15, 2013, if you fi le on a 2012 calendar year
You may prepay through withholding (W-2, TC-675R, etc.),
basis (tax year ends December 31, 2012); or
payments applied from a previous year refund, tax credits
2. By the 15th day of the fourth month after the fi scal
and credit carryovers, or payment made by the tax due
year ends, if you fi le on a fi scal year basis. If the due
date using form TC-548, Fiduciary Income Tax Prepay-
date falls on Saturday, Sunday or legal holiday, the
ment Coupon or online at taxexpress.utah.gov. Interest
due date is the next business day.
is assessed on unpaid tax from the fi ling due date until
All Utah income taxes for the year must be paid by the
the tax is paid in full. Penalties may also apply.
due date. If your return is not fi led on time or all income
tax due is not paid by the due date you may be subject
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial