Question

Forms 1041-N, 5227, 1041-QFT, 1120-SF, and WHFITs - Common Trust Fund

Accepted Answer

TaxAct supports IRS Form 1041 U.S. Income Tax Return for Estates and Trusts.

Certain types of trusts require filing a special tax form which are filed separately from the Form 1041 return. The following forms will not be supported by TaxAct for the 2019 tax year:

Form 1041-N Electing Alaska Native Settlement Trust (Form 1041-N Instructions)
Form 5227 Split-Interest Trust Information Return for Charitable Remainder Trusts and Pooled Income Funds (PIFs must file both Form 1041 and Form 5227.) (Form 5227 Instructions)
Form 1041-QFT Qualified Funeral Trusts
Form 1120-SF Qualified Settlement Funds (File 1041 if a special election to treat the QSF as a grantor type trust is made.) (Form 1120-SF Instructions)
Widely Held Fixed Investment Trust (WHFITs) report all items of gross income and proceeds on the appropriate Form 1099.

Common Trust Funds maintained by a bank do not file Form 1041; instead, the fund may use the TaxAct 1065 program to file Form 1065, U.S. Return of Partnership Income.

Additional Information:

IRS Form 1041 Instructions for Form 1041
IRS Publication 559 Introduction to Estate and Gift Taxes, Survivors, Executors, and Administrators