Form 5227

Form 5227

An information return that a split-interest trust files with the IRS to report its activities. It reports contributions and distributions that may affect the deductions or tax liabilities of those making the contributions or receiving the distributions. It is also used to determine if the split-interest trust is subject to any excise taxes.
References in periodicals archive ?
Income Tax Return for Estates and Trusts; 3 1/2 months on Form 5500, Annual Return/Report of Employee Benefit Plan; and six months on Form 990, Return of Organization Exempt From Income Tax, Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code, Form 5227, Split-Interest Trust Information Return, Form 6069, Return of Excise Tax on Excess Contributions to Black Lung Benefit Trust Under Section 4953 and Computation of Section 192 Deduction, Form 8870, Information Return for Transfers Associated With Certain Personal Benefit Contracts, and Form 3520-A, Annual Information Return of a Foreign Trust With a U.
Income Tax Return for Estates and Trusts; 3 1/2 months on Form 5500, Annual Return/Report of Employee Benefit Plan; and six months on Form 990, Return of Organization Exempt From Income Tax; Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code; Form 5227, Split-Interest Trust Information Return; Form 6069, Return of Excise Tax on Excess Contributions to Black Lung Benefit Trust Under Section 4953 and Computation of Section 192 Deduction; Form 8870, Information Return for Transfers Associated With Certain Personal Benefit Contracts; and Form 3520-A, Annual Information Return of a Foreign Trust With a U.
Six months for split-interest trusts filing Form 5227.
1) Form 5227 is an information return used to disclose the financial activities of the trust, not to calculate tax liability.
Form 5227 (Split-Interest Trust Information Return);
The revenue procedure requires that the waiver be obtained on or before the date that is six months after the due date (not including extensions) of IRS Form 5227, the Split-Interest Trust Information Return, for the year in which the latest date of the following events occurs:
The trust is tax-exempt and must file information Form 5227 with the IRS each year.
A Form 5227 must be submitted for each calendar year a split-interest trust is in existence.
The IRS recently issued a revised Form 5227, Split-Interest Trust Information Return, for use in preparing returns for tax years beginning on or after Jan.
Section 4947(a)(1) trusts do not file Form 5227 or Form 1041-A.
All CRTs must annually file Form 5227, Split-Interest Trust Information Return, by April 15 of the year following the taxable year, and attach Form K-1, Form 1041 for each beneficiary receiving taxable income during the year.
Administrative costs for a CRAT are more burdensome than for a CGA, since the charity is required to file certain annual returns such as Form 5227, Split Interest Trust Information Return, and Form 1041-A, U.