Fiduciary Income Tax Returns
Preparation of Fiduciary Income Tax Returns
Once a trust becomes irrevocable (usually after the death of one or both of the trust makers), the trust typically obtains a separate tax identification number (TIN) and must start filing annual income tax returns. A Federal Form 1041 is usually filed by April 15th. Massachusetts also requires a state income tax return to be filed by trusts when there is a trustee located in Massachusetts or when there is a “Massachusetts source income” (such as rents generated from Massachusetts real estate or income generated by a Massachusetts business).
Often families will look to Boyd & Boyd, P.C. to assist with trust tax returns. Because of our experience as a professional trustee, we have extensive experience preparing trust income tax returns.
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