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Tax Preparation Checklist for Trust & Estate 1041's
As an Enrolled agent I am ethically bound to help you pay the lowest tax you are legally required to pay. This list will help us do our job. It is a concise, though not exhaustive, outlines of some of the documents we will need when we meet with you.
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Name of Estate or Trust
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Date of death
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A copy of the accounting for the estate or trust for the current fiscal year, if one is prepared. If not, a copy of the check register, bank statements and brokerage statements for the current fiscal year.
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A copy of the will.
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A copy of the community property agreement.
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A copy of the trust document. (If testamentary trust, the will may be trust document.)
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Copy of the letters testamentary (the appointment of the personal representative if a probate is opened for the estate.
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A copy (need not be certified) of the death certificate.
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Federal Identification Number assigned to the trust and/or the estate. If a revocable living trust, an estate FIN may be needed to use a fiscal year for tax purposes.
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A list of the beneficiaries including addresses, Social Security numbers and amounts of any specific bequests and/or percentage of residue for each. (Social Security numbers are not required for beneficiaries that receive only specific bequest.)
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A copy of the last personal income tax return filed on behalf of the decedent. (If and estate or copy of the last Form 1041 filed by the trust (if a trust).
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A copy of the inventory of the trust or estate.
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A list of assets owned, but held outside the State of Illinois, if not included in the inventory.
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A list of any life insurance owned by the decedent, if not included in the inventory.
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For the final year of the estate of trust, a list of expenses/distributions to be paid at closing.
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A copy of the Declaration of Completion (or other court closing document), if an estate
Be sure to consult a Tax Professional if you think any of the matters discussed here concern you or your business: this is not intended to be the complete story. Also, be sure your tax advisor is one of your area's many qualified Certified Public Accountants or Enrolled Agents. Last year only 3% of the tax preparer penalties assessed by the Internal Revenue Service was given to C.P.A.'s or E.A.'s, the balance, 97%, was assessed on so-called independent "tax preparers." Be smart, entrust this very important job to a qualified professional.
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