The Tax Playbook for Professional Athletes
Here is an overview of the major tax issues professional athletes face and why they require a coordinated, year-round approach.
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Form 1041
Navigate trust and estate tax requirements with professional Form 1041 preparation and filing services.
BPM’s Trust and Estate Tax professionals specialize in preparing IRS Form 1041, which is used to report the income, deductions, gains and losses of an estate or trust. Estates come into existence upon an individual’s death, while trusts can be established either during an individual’s lifetime or upon death.
Frequently asked questions about Form 1041
1. Do you need to file Form 1041?
If the estate or trust has generated gross income over $600 in the past year, or if one of the beneficiaries is a non-resident alien, you are required to file Form 1041.
2. How is income distributed from Form 1041 to the beneficiary?
Income is reported on Schedule K-1 for each beneficiary, and the K-1 must be provided to the beneficiary.
Can you fill out Form 1041 by yourself?
While Form 1041 itself may appear simple, it comes with extensive instructions that span over 40 pages. We do not recommend attempting to complete it on your own without professional assistance.
At BPM, our dedicated team of CPAs, advisors and accountants has extensive experience in preparing fiduciary returns. We prepare over 50 fiduciary returns annually and have more than 25 years of experience in this area.
Contact us for support
For more information about Form 1041 or other IRS forms, or if you have any tax-related questions, please contact BPM today.
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