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S
strongsilence
Level 10
March 13, 2022
Solved

Trust 1041/541 can indicate Final if refunds will be received

  • March 13, 2022
  • 1 reply
  • 8 views

Is Final Year available for a trust 1041 that has not received tax refunds by the year-end date?

 

CA UPIA doc and the CA 541 instructions are not helpful

This topic has been closed for replies.
Best answer by sjrcpa

Yes, but will that CA refund be federal taxable income in 2022?

If so, you may not have a final return.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
March 13, 2022

Yes, but will that CA refund be federal taxable income in 2022?

If so, you may not have a final return.

The more I know the more I don’t know.
    S
    strongsilenceAuthor
    Level 10
    March 13, 2022

    Where did you learn trusts Sjr?   I'm going to have more as my clients and their parents are aging.

    This CA tax was withholding on Real Estate on Form 593. No tax benefit was obtained.

    sjrcpa
    sjrcpa
    Level 15
    March 13, 2022

    Mostly learned by doing; working with good attorneys; lots of reading.

    Also had a class in Estates, Gifts & Trusts when I got my Masters in Tax many moons ago.

    The more I know the more I don’t know.
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