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Please review the updated information below.
Reporting Excess Deductions on Termination of an Estate or Trust on
Forms 1040, 1040-SR, and 1040-NR for Tax Year 2018 and Tax Year
2019
Under Proposed Regulations 113295-18, an excess deduction on termination of an estate or
trust allowed in arriving at adjusted gross income (Internal Revenue Code (IRC) section 67(e)
expenses) is reported as an adjustment to income on Forms 1040, 1040-SR, and 1040-NR;
non-miscellaneous itemized deductions are reported, as applicable, on Schedule A (Form 1040
or 1040-SR) or Schedule A (Form 1040-NR); and miscellaneous itemized deductions are not
deductible. Taxpayers may rely on the proposed regulations for tax years of beneficiaries
beginning after 2017 and before the final regulations are published.
For tax year 2019, an excess deduction for IRC section 67(e) expenses is reported as a
write-in on Schedule 1 (Form 1040 or 1040-SR), Part II, line 22, or Form 1040-NR, line 34.
On the dotted line next to line 22 or line 34 (depending on which form is filed), enter the
amount of the adjustment and identify it using the code “ED67(e)”. Include the amount of
the adjustment in the total amount reported on line 22 or line 34.
For tax year 2018, an excess deduction for IRC section 67(e) expenses is reported as a
write-in on Schedule 1 (Form 1040), line 36, or Form 1040-NR, line 34. On the dotted line
next to line 36 or line 34, (depending on which form is filed), enter the amount of the
adjustment and identify it using the code “ED67(e)”. Include the amount of the adjustment in
the total amount reported on line 36 or line 34.
Form
1041
Department of the Treasury—Internal Revenue Service
U.S. Income Tax Return for Estates and Trusts
2018
OMB No. 1545-0092
For calendar year 2018 or fiscal year beginning , 2018, and ending , 20
Name of estate or trust (If a grantor type trust, see the instructions.)
Name and title of fiduciary
Number, street, and room or suite no. (If a P.O. box, see the instructions.)
City or town, state or province, country, and ZIP or foreign postal code
A Check all that apply:
Decedent’s estate
Simple trust
Complex trust
Qualified disability trust
ESBT (S portion only)
Grantor type trust
Bankruptcy estate-Ch. 7
Bankruptcy estate-Ch. 11
Pooled income fund
B Number of Schedules K-1
attached (see
instructions)
▶
C Employer identification number
D Date entity created
E Nonexempt charitable and split-
interest trusts, check applicable
box(es), see instructions.
Described in sec. 4947(a)(1). Check here
if not a private foundation . . .
▶
Described in sec. 4947(a)(2)
F
Check
applicable
boxes:
Initial return Final return Amended return
Net operating loss carryback
Change in trust's name
Change in fiduciary
Change in fiduciary's name Change in fiduciary's address
G Check here if the estate or filing trust made a section 645 election . . . . . .
▶
Trust TIN
▶
Income
1 Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2a Total ordinary dividends . . . . . . . . . . . . . . . . . . . . . . . . 2a
b
Qualified dividends allocable to:
(1)
Beneficiaries
(2) Estate or trust
3 Business income or (loss). Attach Schedule C or C-EZ (Form 1040) . . . . . . . . . 3
4 Capital gain or (loss). Attach Schedule D (Form 1041) . . . . . . . . . . . . . . 4
5 Rents, royalties, partnerships, other estates and trusts, etc. Attach Schedule E (Form 1040) . 5
6 Farm income or (loss). Attach Schedule F (Form 1040) . . . . . . . . . . . . . . 6
7 Ordinary gain or (loss). Attach Form 4797 . . . . . . . . . . . . . . . . . . 7
8 Other income. List type and amount 8
9 Total income. Combine lines 1, 2a, and 3 through 8 . . . . . . . . . . . . .
▶
9
Deductions
10 Interest. Check if Form 4952 is attached
▶ . . . . . . . . . . . . . . .
10
11 Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Fiduciary fees. If only a portion is deductible under section 67(e), see instructions . . . . . 12
13 Charitable deduction (from Schedule A, line 7) . . . . . . . . . . . . . . . . 13
14
Attorney, accountant, and return preparer fees. If only a portion is deductible under section 67(e), see instructions
14
15 a
Other deductions (attach schedule). See instructions for deductions allowable under section 67(e) .
15a
b Net operating loss deduction. See instructions . . . . . . . . . . . . . . . . 15b
16 Add lines 10 through 15b . . . . . . . . . . . . . . . . . . . . . .
▶
16
17 Adjusted total income or (loss). Subtract line 16 from line 9 . . . 17
18 Income distribution deduction (from Schedule B, line 15). Attach Schedules K-1 (Form 1041) 18
19 Estate tax deduction including certain generation-skipping taxes (attach computation) . . . 19
20 Exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
21 Add lines 18 through 20 . . . . . . . . . . . . . . . . . . . . . . .
▶
21
Tax and Payments
22 Taxable income. Subtract line 21 from line 17. If a loss, see instructions . . . . . . . . 22
23 Total tax (from Schedule G, line 7) . . . . . . . . . . . . . . . . . . . . 23
24 2018 net 965 tax liability paid from Form 965-A, Part II, column (k), line 2 . . . . . . . 24
25 Payments: a 2018 estimated tax payments and amount applied from 2017 return . . . . 25a
b Estimated tax payments allocated to beneficiaries (from Form 1041-T) . . . . . . . . 25b
c Subtract line 25b from line 25a . . . . . . . . . . . . . . . . . . . . . 25c
d Tax paid with Form 7004. See instructions . . . . . . . . . . . . . . . . . . 25d
e Federal income tax withheld. If any is from Form(s) 1099, check
▶ . . . . . . . .
25e
f 2018 net 965 tax liability from Form 965-A, Part I, column (f), line 2 . . . . . . . . . .
25f
Other payments: g Form 2439 ; h Form 4136
; Total
▶
25i
26 Total payments. Add lines 25c through 25f, and 25i . . . . . . . . . . . . .
▶
26
27 Estimated tax penalty. See instructions . . . . . . . . . . . . . . . . . . .
27
28 Tax due. If line 26 is smaller than the total of lines 23, 24, and 27, enter amount owed . . . 28
29 Overpayment. If line 26 is larger than the total of lines 23, 24, and 27, enter amount overpaid . 29
30 Amount of line 29 to be: a Credited to 2019
▶
; b Refunded
▶
30
Sign
Here
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
Date
▶
EIN of fiduciary if a financial institution
May the IRS discuss this return
with the preparer shown below
(see instr.)?
Yes No
Paid
Preparer
Use Only
Print/Type preparer's name Preparer's signature Date
Check if
self-employed
PTIN
Firm's name
▶
Firm's address
▶
Firm's EIN
▶
Phone no.
For Paperwork Reduction Act Notice, see the separate instructions.
www.IRS.gov/Form1041 Cat. No. 11370H
Form
1041 (2018)
Form 1041 (2018)
Page 2
Schedule A Charitable Deduction. Don't complete for a simple trust or a pooled income fund.
1
Amounts paid or permanently set aside for charitable purposes from gross income. See instructions
1
2 Tax-exempt income allocable to charitable contributions. See instructions . . . . . . . . 2
3 Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . 3
4
Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable purposes
4
5 Add lines 3 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6
Section 1202 exclusion allocable to capital gains paid or permanently set aside for charitable purposes. See instructions .
6
7 Charitable deduction. Subtract line 6 from line 5. Enter here and on page 1, line 13 . . . . .
7
Schedule B Income Distribution Deduction
1 Adjusted total income. See instructions . . . . . . . . . . . . . . . . . . . . 1
2 Adjusted tax-exempt interest . . . . . . . . . . . . . . . . . . . . . . . 2
3 Total net gain from Schedule D (Form 1041), line 19, column (1). See instructions . . . . . . 3
4 Enter amount from Schedule A, line 4 (minus any allocable section 1202 exclusion) . . . . . 4
5 Capital gains for the tax year included on Schedule A, line 1. See instructions . . . . . . . 5
6
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 .
6
7 Distributable net income. Combine lines 1 through 6. If zero or less, enter -0- . . . . . . . 7
8
If a complex trust, enter accounting income for the tax year as
determined under the governing instrument and applicable local law .
8
9 Income required to be distributed currently . . . . . . . . . . . . . . . . . . . 9
10 Other amounts paid, credited, or otherwise required to be distributed . . . . . . . . . . 10
11 Total distributions. Add lines 9 and 10. If greater than line 8, see instructions . . . . . . . 11
12 Enter the amount of tax-exempt income included on line 11 . . . . . . . . . . . . . 12
13 Tentative income distribution deduction. Subtract line 12 from line 11 . . . . . . . . . . 13
14 Tentative income distribution deduction. Subtract line 2 from line 7. If zero or less, enter -0- . . 14
15
Income distribution deduction. Enter the smaller of line 13 or line 14 here and on page 1, line 18
15
Schedule G Tax Computation (see instructions)
1 Tax: a Tax on taxable income. See instructions . . . . . . . 1a
b Tax on lump-sum distributions. Attach Form 4972 . . . . 1b
c Alternative minimum tax (from Schedule I (Form 1041), line 56) 1c
d Total. Add lines 1a through 1c . . . . . . . . . . . . . . . . . . .
▶
1d
2a Foreign tax credit. Attach Form 1116 . . . . . . . . . . . . 2a
b General business credit. Attach Form 3800 . . . . . . . . . . 2b
c Credit for prior year minimum tax. Attach Form 8801 . . . . . . 2c
d Bond credits. Attach Form 8912 . . . . . . . . . . . . . 2d
e Total credits. Add lines 2a through 2d . . . . . . . . . . . . . . . . . . .
▶
2e
3 Subtract line 2e from line 1d. If zero or less, enter -0- . . . . . . . . . . . . . . . 3
4 Net investment income tax from Form 8960, line 21 . . . . . . . . . . . . . . . .
4
5 Recapture taxes. Check if from: Form 4255 Form 8611 . . . . . . . . . . . 5
6 Household employment taxes. Attach Schedule H (Form 1040) . . . . . . . . . . . . 6
7 Total tax. Add lines 3 through 6. Enter here and on page 1, line 23 . . . . . . . . . .
▶
7
Other Information
Yes No
1
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
▶
$
2
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? . . . . . . . . . . . . . . .
3
At any time during calendar year 2018, 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
▶
4
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 . . . . . . . . .
5
Did the estate or trust receive, or pay, any qualified residence interest on seller-provided financing? If “Yes,” see
the instructions for required attachment . . . . . . . . . . . . . . . . . . . . . . . . .
6 If this is an estate or a complex trust making the section 663(b) election, check here. See instructions . .
▶
7 To make a section 643(e)(3) election, attach Schedule D (Form 1041), and check here. See instructions . .
▶
8
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 Are any present or future trust beneficiaries skip persons? See instructions . . . . . . . . . . . . .
10
Was the trust a specified domestic entity required to file Form 8938 for the tax year (see the Instructions for
Form 8938)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Form 1041 (2018)
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Completed 16 February 2022

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