Form 1041-A

Form 1041-A

A form that one files with the IRS if a trust is claiming deductions for charitable contributions. These contributions must be itemized by the specific charitable purpose of each contribution.
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Charitable split-interest trusts are no longer required to file Form 1041-A, Trust Accumulation of Charitable Amounts, sections of which are now incorporated in Form 5227.
Sections of Form 1041-A related to distributions of income and principal to charitable organizations are now incorporated into Form 5227.
Note that Form 1041-A also was subject to a similar public-inspection requirement, although the requirement was not disclosed on the face of the return.
This represents an increase from the penalty previously assessed for Form 1041-A of $10 for each day, with a maximum of $5,000 for any one return.
24] Annuity trusts that are not required to file Form 1041 must file Form 1041-A, U.
6104 disclosure rules, information furnished on any Form 990 series (exempt organizations) or Form 1041-A, U.
Due to the applicable penalties, failure to file Form 1041-A can have serious consequences.
As a result, the following trusts are required to file Form 1041-A annually:
A trust is not required to file Form 1041-A for any tax year in which the trustee is required (by the terms of the governing instrument and applicable local law) to distribute currently all of the income of the trust.
Similarly, a complex trust required to distribute all of its income annually (but allowed to make contributions of trust corpus to charitable organizations) should not have to file Form 1041-A.
501 (a) and all of the unexpired interests in which are devoted to one or more charitable purposes) also is not required to file Form 1041-A (Sec.
A trust required to file Form 1041-A may be assessed a $10 penalty for each day it fails to file the return, up to a maximum penalty for any one return of $5,000 (i.