1041 Fiduciary Income Tax Enhancements

E-file

Form 5227

We are adding e-file as mandatory for Form 5227: Split-Interest Trust Information Return for organizations that file 10 or more returns.

New Features and Options for E-file

We are adding a Paper File Date column on the Return tab to the 1041 E-file Info spreadsheet for all federal and state jurisdictions.

We are adding a new e-file option to disqualify federal and state returns. When the option is selected, it will generate an e-file reject diagnostic.

Superseded Return

We are adding the ability to e-file a superseded return.

State Jurisdictions and Forms Now Available for E-file

District of Columbia

We are adding all requirements needed for the e-file mandate.

Indiana

Form IT-41: Indiana Fiduciary Income Tax Return

Ohio Cities

We are adding e-file for Ohio RITA Form 27: RITA Net Profit Tax Return.

Utah

Form 549: Fiduciary Income Tax Payment separate from the return
Form 548, Income Tax Pre-payment

Federal

Form 990T

We are adding the following forms for Form 990T at the end of the 2020 tax year:

Form 2220: Underpayment of Estimated Tax by Corporations
Form 3800: General Business Credit
Form 4136: Credit for Federal Tax Paid on Fuels
Form 8941: Credit for Small Employer Health Insurance Premiums

Form 5227

We are adding e-file as mandatory for Form 5227: Split-Interest Trust Information Return for organizations that file 10 or more returns.

Form 8621

We are adding an option to suppress print by Passive Foreign Investment Company (PFIC) for Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. You will still have the ability to suppress print for all.

New Forms

We are adding the following forms:

Form 4720: Return of Certain Excise Taxes on Charities and Other Persons Under Chapters 41 and 42 of the Internal Revenue Code
Form 8915-F: Qualified Disaster Retirement Plan Distributions and Repayments (replaces Form 8915-E)

Letters and Filing Instructions

We are updating the K-1 Transmittal letter to include the beneficiary’s name and to print with the K-1.

Partial Grantor Returns

We are adding allocable/nonallocable expenses to the Partial Grantor return.

Qualified Business Income/Deduction

We are modifying the loss tracking worksheet for the qualified business income deduction.

Schedule A

We are adding a carryover form prior year whitepaper statement on Schedule A, line 13.

Schedule K-1

We are rearranging the tab order for the K-1 Income/Deduction screens.

States

California

We are adding the following forms:

Form 592: Resident and Nonresident Withholding Statement
Form 592-B: Resident and Nonresident Withholding Tax Statement
Form 592-V: Payment Voucher Resident and Nonresident Withholding

District of Columbia

We are adding all requirements needed for the e-file mandate.

Georgia

We are adding the following forms:

nonresident schedule to Form 501
nonresident schedule to Form 501X.

Indiana

We are adding the following form:

Schedule 1: Indiana Deductions

We are adding e-file for Form IT-41: Indiana Fiduciary Income Tax Return.

Kansas

We are adding the following form:

Form K-41ES: Kansas Fiduciary Estimated Voucher

Massachusetts

We are adding the following forms:

Schedule C-2: Excess Deductions Against Trade or Business Income
Schedule EOAC: Economic Opportunity Area Credit
Schedule FAF: Farming and Fisheries Credit
Schedule LP: Credit for Removing or Covering Lead Paint on Residential Premises

New York

We are adding the following forms:

Form IT-653: Pass-Through Entity Tax Credit
Form IT-182: Passive Activity Loss Limitations for Nonresidents and Part-Year Residents

We are adding support for Form 1099-NEC.

Ohio Cities

We are adding e-file for Ohio RITA Form 27: RITA Net Profit Tax Return.

Utah

We are adding e-file for the following:

Form 549: Fiduciary Income Tax Payment separate from the return
Form 548, Income Tax Pre-payment

RS Resources/1041_enhancements.htm/TY2021

Last Modified: 03/19/2020

Last System Build: 09/25/2022