Question

TAX DEADLINE FOR 1041 FORMS AND ESTATE/TRUSTS?

Forum|Forum|3 years ago
April 6, 2023
1 reply
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I have messaged here before and apologize for the redundancy. I live in CA. and have read multiple answers to this, but can someone tell me what the tax deadline is for someone in CA. to file a 1041 form that generates a K-1 for a beneficiary? I have been told the 1041 form needs to be filed still by April 18 and I have also been told the deadline is May 15 which is the original extension for those counties in CA. effected by the weather/floods. I know we have an October date now as well, but I am told the 1041 needs to still be filed by either April 18 or May 15 and if is to be filed later an extension needs to be filed for that and the date would be September 15 Does anyone know the answer to this for sure?

Not A Product Question

B

BillM223

The latest IRS announcement about tax relief in California can be found here.

The IRS says about the affected counties in California, "Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe winter storms, flooding, landslides and mudslides that reside or have a business in Alpine, Amador, Butte, Calaveras, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Los Angeles, Madera, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Nevada, Orange, Placer, Plumas, Sacramento, San Benito, San Bernardino, San Francisco, San Joaquin, San Mateo, San Luis Obispo, Santa Barbara, Santa Clara, Santa Cruz, Sierra, Sonoma, Stanislaus, Trinity, Tulare, Tuolumne and Yuba counties qualify for tax relief."

The IRS says, "Under section 7508A, the IRS gives affected taxpayers until Oct. 16, 2023, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; annual information returns of tax-exempt organizations; and employment and certain excise tax returns), that have either an original or extended due date occurring on or after March 9, 2023, and before Oct. 16, 2023, are granted additional time to file through Oct. 16, 2023."

I don't see a specific reference to the K-1; let's see if someone else can pop in.

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P

PJhikerAuthor

So, from what you see it is October 16? I don't think that can be though because if a Successor Trustee has until October 16 to file the 1041 and their taxes I can't get the K-1 form in time to file my individual taxes? Again, I was told either April 18 or May 15. An IRS lady on the phone said an extension can be filed by May 15 and then the Successor Trustee would have until September 15 to file which would give me time to get the K-1 form.

AliciaP1

The due date is extended to October 16, 2023, if the trust management or property is in a qualifying disaster area. You can try to contact the Trustee to see if consideration of the beneficiaries will be anticipated and the returns filed as soon as possible in order for K-1s to reach them in time for their own taxes.

As of 3/10/23 this is the statement issued on the CA FTB website:

Sacramento – The IRS announced tax relief for Californians affected by winter storms. Only taxpayers affected by these storms qualify for an extension to October 16, 2023, to file individual and business tax returns and make certain tax payments. This includes:

Individuals whose tax returns and payments are due on April 18, 2023.
Quarterly estimated tax payments due January 17, 2023, March 15, 2023, April 18, 2023, June 15, 2023, and September 15, 2023.
Business entities whose tax returns are normally due on March 15 and April 18.
Pass-through entity (PTE) elective tax payments due on March 15, 2023 and June 15, 2023.

Residents and businesses located in the counties listed as covered disaster areas in the IRS January 10 announcement and IRS January 24 announcement are eligible for extended tax relief.

The postponement of time to file and pay does not apply to residents and businesses located in the following 7 counties:

Imperial, Kern, Lassen, Modoc, Plumas, Shasta, and Sierra.

Residents and businesses located in the above 7 counties must file and pay by the normal established deadlines. This includes:

Individuals whose tax returns and payments are due on April 18, 2023.
Quarterly estimated tax payments due January 17, 2023, March 15,2023, April 18, 2023, June 15, 2023, and September 15, 2023.
Business entities whose tax returns are normally due on March 15 and April 18.
PTE elective Tax payments due on March 15, 2023, and June 15, 2023.

@PJhiker

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