Trust & Estate Tax Preparation
Trusts come in all shapes and sizes and we’ve seen them all. The form 1041 trust tax preparation process starts with you uploading your current year tax documents to our secure client portal. The normal documents for trust & estate preparation include current year distributions to beneficiaries, 1099s received from brokerages, K1s from investments, real estate tax receipts, etc. Once we have checked all the boxes and we are ready for processing, we send the trustee/executor a draft copy for review and an electronic 8879 form to authorize us to e-file on the trust or estate’s behalf. We highly recommend getting your trust documents to us in early February. There is a 65-day rule regarding distributions, which determines if tax is paid at the entity or beneficiary level. There can be a massive difference in the tax paid depending on the distributions.
In the estate form 706 return filing process, we work very closely with your estate attorney. Some of this work starts years earlier surrounding planning, gifting assets, setting up trusts, etc. We file all annual form 709 gift tax returns when required. When it comes time to file Form 706, we start with the probate inventory, obtain necessary appraisals and work through the fun stuff. We pay careful attention to issues surrounding tax-deferred accounts and the interplay with your form 1041. When the estate and GST taxes are final, we’ll work with you to distribute the assets according to the legal documents. The form 1041 process for estates is very similar to the trust process described above.
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508 W 12th Street
Austin, TX 78701