Get Form 1041

Form 1041 was added to the Modernized e-File (MeF) platform in January 2014. MeF can accept the current and prior two tax years.

For tax year 2023, the 20% rate applies to amounts above $14,650. The 0% and 15% rates continue to apply to amounts below certain threshold amounts. The 0% rate applies to amounts up to $3,000. The 15% rate applies to amounts between the two thresholds.

You'll subtract deductions from income and then use Schedule G of Form 1041 to calculate the tax owed. You can then subtract any tax payments that have already been made or withheld, any penalty owed (if applicable) or the amount overpaid (if applicable).

In 2023, the federal estate tax ranges from rates of 18% to 40% and generally only applies to assets over $12.92 million. In 2024, that figure rises to $13.61 million.

If the estate generates more than $600 in annual gross income, you are required to file Form 1041, U.S. Income Tax Return for Estates and Trusts. An estate may also need to pay quarterly estimated taxes. See Form 1041 instructions for information on when to file quarterly estimated taxes.

Need Products to Complete Your 2023 Tax Return? You can place your order here for tax forms, instructions and publications.

Tax brackets 2023 (taxes due April 15, 2024) Tax rateTaxable income bracket10%$0 to $22,000.12%$22,001 to $89,450.22%$89,451 to $190,750.24%$190,751 to $364,200.3 more rows • Dec 6, 2023

Federal income tax rates for trusts in 2023 are: For trust income between $0 to $2,900: 10% of income over $0. For trust income between $2,901 to $10,550: $290 + 24% of the amount over $2,901. For trust income between $10,551 to $14,450: $2,126 + 35% of the amount over $10,551.