Discussion:Section 645

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Revision as of 20:19, 11 April 2009
Kevinh5 (Talk | contribs)
(you are correct,)
← Previous diff		 Revision as of 20:21, 11 April 2009
JAD (Talk | contribs)
(Kevin, don't you)
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{{ForumReplyPost|UserID=Kevinh5|Date=11 April 2009|Text=you are correct, and if you stick around here long you will see that everyone gets a little ribbing, so feel welcome}} {{ForumReplyPost|UserID=Kevinh5|Date=11 April 2009|Text=you are correct, and if you stick around here long you will see that everyone gets a little ribbing, so feel welcome}}
 +
 +{{ForumReplyPost|UserID=JAD|Date=11 April 2009|Text=Kevin, don't you think that part of that includes bringing this election to the attention of the trustee? It is part of the tax return.
 +
 +AJTax, I'd give you detailed information, but I do so few of these that anything I say would be suspect. There's information out there. Obviously check the Code. The Regs should tell you how to make the election. You can also look to form instructions. There's a box on p 1, item G of the 1041 re the 645 election, and you can probably find direction to additional information and discussion in the form instructions for that item.
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 +Good luck.}}

Revision as of 20:21, 11 April 2009

Discussion Forum Index --> Advanced Tax Questions --> Section 645
Discussion Forum Index --> Tax Questions --> Section 645

AJTax (talk|edits) said:

11 April 2009
I would like to elect to treat a qualified revocable trust (QRT) as part of an estate.

I have an EIN for the QRT. There is no estate so there is no EIN for the estate. There is no executor. The QRT has a calendar year end.

Can I file the first 1041 tax return with the name of the QRT and the QRT tax ID number, check the "decedent's estate" box and by attaching a Form 8855 filed out with the same exact information as page 1 of the 1041?

Any help would be gretly appreciated.

Kevinh5 (talk|edits) said:

11 April 2009
no, but the trustee can

your job is just to prepare the return

AJTax (talk|edits) said:

11 April 2009
Kevinh5, I appreciate your reply. Please forgive my mis-use of expression "Can I file" with what should have been "Would it be correct if I prepared".

This being the first tax return I am making a 645 election on, I am concerned that I am missing something. Specifically, preparing a Form 8855 with the same information as page one seems odd. However, under the circumstances, since there is no estate it seems like the only thing I can do.

Kevinh5 (talk|edits) said:

11 April 2009
you are correct, and if you stick around here long you will see that everyone gets a little ribbing, so feel welcome

JAD (talk|edits) said:

11 April 2009
Kevin, don't you think that part of that includes bringing this election to the attention of the trustee? It is part of the tax return.

AJTax, I'd give you detailed information, but I do so few of these that anything I say would be suspect. There's information out there. Obviously check the Code. The Regs should tell you how to make the election. You can also look to form instructions. There's a box on p 1, item G of the 1041 re the 645 election, and you can probably find direction to additional information and discussion in the form instructions for that item.

Good luck.

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