Federal U.S. Income Tax Return for Estates and Trusts

U.S. Income Tax Return for Estates and Trusts
2023 Form 1041
Form

1041

2023

Department of the Treasury—Internal Revenue Service

U.S. Income Tax Return for Estates and Trusts
Go to www.irs.gov/Form1041 for instructions and the latest information.

A Check all that apply:
Decedent’s estate

For calendar year 2023 or fiscal year beginning

OMB No. 1545-0092

, 2023, and ending

, 20

Name of estate or trust (If a grantor type trust, see the instructions.)

C Employer identification number

Name and title of fiduciary

D Date entity created

Number, street, and room or suite no. (If a P.O. box, see the instructions.)

E Nonexempt charitable and split-interest
trusts, check applicable box(es).
See instructions.

Simple trust
Complex trust
Qualified disability trust
ESBT (S portion only)
Grantor type trust
Bankruptcy estate—Ch. 7
Bankruptcy estate—Ch. 11

Deductions

Income

Pooled income fund
F Check
B Number of Schedules K-1
Initial return
applicable
attached (see
Change in trust’s name
boxes:
instructions)
G Check here if the estate or filing trust made a section 645 election . . .

Tax and Payments

Described in sec. 4947(a)(1). Check here
if not a private foundation . . .

City or town, state or province, country, and ZIP or foreign postal code

Described in sec. 4947(a)(2)
Final return

Amended return

Net operating loss carryback

Change in fiduciary

Change in fiduciary’s name

Change in fiduciary’s address

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Trust TIN

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2a
b
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14

Interest income . . . . . . . . . . . . . . . . . . . . . . . . . .
Total ordinary dividends . . . . . . . . . . . . . . . . . . . . . . .
Qualified dividends allocable to: (1) Beneficiaries
(2) Estate or trust
Business income or (loss). Attach Schedule C (Form 1040) . . . . . . . . . . .
Capital gain or (loss). Attach Schedule D (Form 1041) . . . . . . . . . . . . .
Rents, royalties, partnerships, other estates and trusts, etc. Attach Schedule E (Form 1040)
Farm income or (loss). Attach Schedule F (Form 1040) . . . . . . . . . . . . .
Ordinary gain or (loss). Attach Form 4797 . . . . . . . . . . . . . . . . .
Other income. List type and amount
Total income. Combine lines 1, 2a, and 3 through 8 . . . . . . . . . . . . .
Interest. Check if Form 4952 is attached
. . . . . . . . . . . . . . . .
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fiduciary fees. If only a portion is deductible under section 67(e), see instructions . . . .
Charitable deduction (from Schedule A, line 7) . . . . . . . . . . . . . . .
Attorney, accountant, and return preparer fees. If only a portion is deductible under section
see instructions . . . . . . . . . . . . . . . . . . . . . . . . .

15a
b
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17
18
19
20
21
22
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24
25
26
27
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29
30

Other deductions (attach schedule). See instructions for deductions allowable under section 67(e)
Net operating loss deduction. See instructions . . . . . . . . . . . . . . . . .
Add lines 10 through 15b . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted total income or (loss). Subtract line 16 from line 9 . . . . .
17
Income distribution deduction (from Schedule B, line 15). Attach Schedules K-1 (Form 1041) . .
Estate tax deduction including certain generation-skipping taxes (attach computation) . . . .
Qualified business income deduction. Attach Form 8995 or 8995-A . . . . . . . . . .
Exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add lines 18 through 21 . . . . . . . . . . . . . . . . . . . . . . . . .
Taxable income. Subtract line 22 from line 17. If a loss, see instructions . . . . . . . . .
Total tax (from Schedule G, Part I, line 9) . . . . . . . . . . . . . . . . . . .
Current year net 965 tax liability paid from Form 965-A, Part II, column (k) (see instructions) . .
Total payments (from Schedule G, Part II, line 19) . . . . . . . . . . . . . . . .
Estimated tax penalty. See instructions . . . . . . . . . . . . . . . . . . . .
Tax due. If line 26 is smaller than the total of lines 24, 25, and 27, enter amount owed . . . .
Overpayment. If line 26 is larger than the total of lines 24, 25, and 27, enter amount overpaid . .
Amount of line 29 to be: a Credited to 2024
; b Refunded . . . . . .

Sign
Here

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67(e),
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15b
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30

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and
belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Signature of fiduciary or officer representing fiduciary

Paid
Preparer
Use Only

Print/Type preparer’s name

Date
Preparer’s signature

EIN of fiduciary if a financial institution
Date

Check
if PTIN
self-employed
Firm’s EIN

Firm’s name

Phone no.

Firm’s address

For Paperwork Reduction Act Notice, see the separate instructions.

May the IRS discuss this return
with the preparer shown below?
See instructions.
Yes
No

Cat. No. 11370H

Form 1041 (2023)

Page 2

Form 1041 (2023)

Schedule A

Charitable Deduction. Don’t complete for a simple trust or a pooled income fund.

1
2
3
4

Amounts paid or permanently set aside for charitable purposes from gross income. See instructions
Tax-exempt income allocable to charitable contributions. See instructions . . . . . . . . .
Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . .
Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable
purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5
6

Add lines 3 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 1202 exclusion allocable to capital gains paid or permanently set aside for charitable
purposes. See instructions . . . . . . . . . . . . . . . . . . . . . . . . .

7

Charitable deduction. Subtract line 6 from line 5. Enter here and on page 1, line 13 .

Schedule B

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4
5
6
7

Income Distribution Deduction

1
2
3
4
5
6

Adjusted total income. See instructions . . . . . . . . . . . . . . . . . . . . .
Adjusted tax-exempt interest . . . . . . . . . . . . . . . . . . . . . . . .
Total net gain from Schedule D (Form 1041), line 19, column (1). See instructions . . . . . . .
Enter amount from Schedule A, line 4 (minus any allocable section 1202 exclusion) . . . . . .
Capital gains for the tax year included on Schedule A, line 1. See instructions . . . . . . . .
Enter any gain from page 1, line 4, as a negative number. If page 1, line 4, is a loss, enter the loss as a
positive number . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7
8

Distributable net income. Combine lines 1 through 6. If zero or less, enter -0- .
If a complex trust, enter accounting income for the tax year as determined
under the governing instrument and applicable local law . . . . . . .

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12
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14
15

1
2
3

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4
5

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7

8
Income required to be distributed currently . . . . . . . . . . . . . . . . . . .
Other amounts paid, credited, or otherwise required to be distributed . . . . . . . . . .
Total distributions. Add lines 9 and 10. If greater than line 8, see instructions
. . . . . . .
Enter the amount of tax-exempt income included on line 11 . . . . . . . . . . . . .
Tentative income distribution deduction. Subtract line 12 from line 11 . . . . . . . . . .
Tentative income distribution deduction. Subtract line 2 from line 7. If zero or less, enter -0- . .
Income distribution deduction. Enter the smaller of line 13 or line 14 here and on page 1, line 18

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Schedule G
Tax Computation and Payments (see instructions)
Part I — Tax Computation
1
a
b
c
d
2a
b
c
d
e
3
4
5
6a
b
c
7
8
9

Tax:
1a
Tax on taxable income. See instructions
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Tax on lump-sum distributions. Attach Form 4972 . . . . . . . . .
1b
Alternative minimum tax (from Schedule I (Form 1041), line 54) . . . . .
1c
Total. Add lines 1a through 1c . . . . . . . . . . . . . . . . . . . .
Foreign tax credit. Attach Form 1116 . . . . . . . . . . . . . .
2a
General business credit. Attach Form 3800 . . . . . . . . . . . .
2b
Credit for prior year minimum tax. Attach Form 8801 . . . . . . . .
2c
Bond credits. Attach Form 8912 . . . . . . . . . . . . . . .
2d
Total credits. Add lines 2a through 2d . . . . . . . . . . . . . . . . .
Subtract line 2e from line 1d. If zero or less, enter -0- . . . . . . . . . . . .
Tax on the ESBT portion of the trust (from ESBT Tax Worksheet, line 17). See instructions
Net investment income tax from Form 8960, line 21 . . . . . . . . . . . . .
Recapture tax from Form 4255 . . . . . . . . . . . . . . . . . . . .
Recapture tax from Form 8611
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Other recapture taxes:
Household employment taxes. Attach Schedule H (Form 1040) . . . . . . . . .
Other taxes and amounts due . . . . . . . . . . . . . . . . . . . .
Total tax. Add lines 3 through 8. Enter here and on page 1, line 24 . . . . . . . .

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6a
6b
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Form 1041 (2023)

Page 3

Form 1041 (2023)

Schedule G
Tax Computation and Payments (see instructions) (continued)
Part II — Payments
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15
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18a
b
19

Current year’s estimated tax payments and amount applied from preceding year’s return
Estimated tax payments allocated to beneficiaries (from Form 1041-T) . . . . . . .
Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . . . .
Tax paid with Form 7004. See instructions . . . . . . . . . . . . . . . .
Federal income tax withheld. If any is from Form(s) 1099, check here
. . . . . .
Current year net 965 tax liability from Form 965-A, Part I, column (f) (see instructions)
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Payments from Form 2439 . . . . . . . . . . . . . . . . . . . . .
Payments from Form 4136 . . . . . . . . . . . . . . . . . . . . .
Elective payment election amount from Form 3800 . . . . . . . . . . . . .
Other credits or payments (see instructions) . . . . . . . . . . . . . . .
Total payments. Add lines 12 through 18b. Enter here and on page 1, line 26 . . . .

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18a
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Other Information
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2
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5

Yes No

Did the estate or trust receive tax-exempt income? If “Yes,” attach a computation of the allocation of expenses.
Enter the amount of tax-exempt interest income and exempt-interest dividends . . . . . $
Did the estate or trust receive all or any part of the earnings (salary, wages, and other compensation) of any
individual by reason of a contract assignment or similar arrangement? . . . . . . . . . . . . . . .
At any time during calendar year 2023, did the estate or trust have an interest in or a signature or other authority
over a bank, securities, or other financial account in a foreign country? . . . . . . . . . . . . . .
See the instructions for exceptions and filing requirements for FinCEN Form 114. If “Yes,” enter the name of the
foreign country
During the tax year, did the estate or trust receive a distribution from, or was it the grantor of, or transferor to, a
foreign trust? If “Yes,” the estate or trust may have to file Form 3520. See instructions . . . . . . . . .
Did the estate or trust receive, or pay, any qualified residence interest on seller-provided financing? If “Yes,” see
the instructions for the required attachment . . . . . . . . . . . . . . . . . . . . . . .

6
7
8

If this is an estate or a complex trust making the section 663(b) election, check here. See instructions . . .
To make a section 643(e)(3) election, attach Schedule D (Form 1041), and check here. See instructions . . .
If the decedent’s estate has been open for more than 2 years, attach an explanation for the delay in closing the
estate, and check here . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9
10

Are any present or future trust beneficiaries skip persons? See instructions . . . . . . . . . . . . .
Was the trust a specified domestic entity required to file Form 8938 for the tax year? See the Instructions for
Form 8938 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11a Did the estate or trust distribute S corporation stock for which it made a section 965(i) election? . . . .
b If “Yes,” did each beneficiary enter into an agreement to be liable for the net tax liability? See instructions .
12
Did the estate or trust either make a section 965(i) election or enter into a transfer agreement as an eligible
transferee for S corporation stock held on the last day of the tax year? See instructions . . . . . . .

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965(i)
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13

At any time during the tax year, did the estate or trust (a) receive (as a reward, award, or payment for property or
services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? See
instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14
15

ESBTs only. Does the ESBT have a nonresident alien grantor? If “Yes,” see instructions
. . . . . . . .
ESBTs only. Did the S portion of the trust claim a qualified business income deduction? If “Yes,” see instructions
Form 1041 (2023)