1041
Business & Finance abbreviation · Tax
| Stands for | U.S. Income Tax Return for Estates and Trusts (IRS Form 1041) |
|---|---|
| Categories | Business & Finance |
1041 stands for U.S. Income Tax Return for Estates and Trusts (IRS Form 1041), a tax abbreviation.
Return filed by the executor of a decedent's estate or the trustee of a trust with gross income of $600 or more in a year, or with any nonresident alien beneficiary. Income distributed to beneficiaries is generally taxed to them and reported on Schedule K-1.
Example: The executor filed a 1041 for the estate's first year to cover dividends earned after Mom died.
Usage notes
Trusts reach the top federal rate at just over $15,000 of retained income, far sooner than individuals, which encourages distributing income. Form 1041 is an income tax return and is distinct from Form 706, the estate tax return that only very large estates must file.
Related abbreviations
More tax abbreviations
- 1031 – Like-kind exchange (Internal Revenue Code section 1031)
- 1040 – U.S. Individual Income Tax Return (IRS Form 1040)
- 1040-ES – Estimated Tax for Individuals (IRS Form 1040-ES)
- 1040-NR – U.S. Nonresident Alien Income Tax Return (IRS Form 1040-NR)
- 1040-SR – U.S. Tax Return for Seniors (IRS Form 1040-SR)
- 1040-X – Amended U.S. Individual Income Tax Return (IRS Form 1040-X)
- 1065 – U.S. Return of Partnership Income (IRS Form 1065)
- 1095-A – Health Insurance Marketplace Statement (IRS Form 1095-A)
- 1098 – Mortgage Interest Statement (IRS Form 1098)
- 1098-E – Student Loan Interest Statement (IRS Form 1098-E)
- 1098-T – Tuition Statement (IRS Form 1098-T)
- 1099 – IRS Form 1099 information return series