Discussion:Form 1041 - What state to file in?
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Discussion Forum Index --> Basic Tax Questions --> Form 1041 - What state to file in?
Discussion Forum Index --> Tax Questions --> Form 1041 - What state to file in?
| 10 October 2008 | |
| Hi,
I have a living trust that was drawn up in Calif. Taxpayer, a CA resident, died on 1/4/07. Trustee is a Colorado resident. All items were not distributed immediately so a 1041 need to be filed. Trust will pay any taxes due so no pass-thru's to bene's. Do I need to file a CA 541, there was no income from 1/1 to 1/4? It seems Colorado wants a fiduciary return as the trust is now administered by a Colorado resident. Not sure how to handle. Any ideas? Thank you, Bob | |
| 10 October 2008 | |
| Need more info. Are any of the beneficiaries California residents?
Also, beneficiaries will pay taxes on distributions (other than specific bequests). Also, are you making a 645 election? | |
| 10 October 2008 | |
| 1 beneficiary is a CA resident, 1 is a Colorado resident. No distributions or K-1 allocations in 2007, but possible closeout in 08 or 09 of trust. They are not making a 645 election. | |
| 10 October 2008 | |
| Bob, when you searched, did you see KatieJ's post on VA Trust Question? It addresses your question on California's requirements, and also provides good background on various ways states define resident trust (for insight to Colorado's position). | |
| 12 October 2008 | |
| Yes, a California return will need to be filed as well since one one of the beneficiaries is a California resident. | |
