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Tax Return Project

Open Posted By: surajrudrajnv33 Date: 03/05/2021 Graduate Assignment Writing

 

* I uploaded the three forms and a screenshot of the problem from the book.

See the instructions about the project below. 

ACCT 426, Introduction to Taxation I, Spr. Sem. 2021

ACCT 426, Tax Return Project - 2

Problems: Chapter 8-53 (Janice Morgan) South-Western’s Federal Taxation, Comprehensive Volume (2021). Prepare the Tax Return for 2020.

Changes to Problem: Change all year-ends to one year later; that is, 2019 becomes 2020.

The following information should be helpful in your preparation of the tax return.

(1) (a) Requirement: Prepare the federal income tax return on the appropriate IRS forms. (Even if you use a software program, you must turn in manual entries on IRS forms.) Copies of those forms and instructions are available at www.irs.gov

(b) Additional Requirements: Prepare a brief top sheet summarizing the factual information in the format of the tax formula.

(2) Strategy: You might want to start with page 1 of the 1040 and manually make entries (pencil recommended). You may then need to do subsidiary forms (e.g., Schedules C). You might also want to work out the figures for the tax formula roughly first before beginning the return.

(3) Check figures:

Adjusted gross income 20,263 Itemized deductions 12,650Taxable income 6,090 None of SE tax is deferred(4) Check forms: (please include in your return):

(5) Grading:

a. Per the syllabus, this manual return is 16% of the grade; i.e., 40 points, since the four exams are worth 75 points each of the 400 possible points.b. Actual maximum, manual return, 43 points (3 points extra credit)c. Forms: 1040 pages 1 and 2; Schedules 1, 2, 3, A, B, C, SE; Forms 8995 and 4562

(6) Additional helpful information:

a. Please use the sequence numbers in the upper right-hand corner of the official IRS forms for the proper orderb. Do not calculate next year’s estimates or any late filing penalty or interest.c. There is a QBI deduction on Form 1040, page 1, line 10.


 

Category: Engineering & Sciences Subjects: Biology Deadline: 12 Hours Budget: $120 - $180 Pages: 2-3 Pages (Short Assignment)

Attachment 1

Form 8995 Department of the Treasury Internal Revenue Service

Qualified Business Income Deduction Simplified Computation

▶ Attach to your tax return. ▶ Go to www.irs.gov/Form8995 for instructions and the latest information.

OMB No. 1545-2294

2020 Attachment Sequence No. 55

Name(s) shown on return Your taxpayer identification number

Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $163,300 ($326,600 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative.

1 (a) Trade, business, or aggregation name (b) Taxpayer identification number

(c) Qualified business income or (loss)

i

ii

iii

iv

v

2 Total qualified business income or (loss). Combine lines 1i through 1v, column (c) . . . . . . . . . . . . . . . . . . . . . . 2

3 Qualified business net (loss) carryforward from the prior year . . . . . . . 3 ( ) 4 Total qualified business income. Combine lines 2 and 3. If zero or less, enter -0- 4 5 Qualified business income component. Multiply line 4 by 20% (0.20) . . . . . . . . . . . 5 6

Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see instructions) . . . . . . . . . . . . . . . . . . . . 6

7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year . . . . . . . . . . . . . . . . . . . . . . . . . 7 ( )

8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . 8

9 REIT and PTP component. Multiply line 8 by 20% (0.20) . . . . . . . . . . . . . . . 9 10 Qualified business income deduction before the income limitation. Add lines 5 and 9 . . . . . . 10 11 Taxable income before qualified business income deduction . . . . . . 11 12 Net capital gain (see instructions) . . . . . . . . . . . . . . . 12 13 Subtract line 12 from line 11. If zero or less, enter -0- . . . . . . . . 13 14 Income limitation. Multiply line 13 by 20% (0.20) . . . . . . . . . . . . . . . . . . 14 15 Qualified business income deduction. Enter the lesser of line 10 or line 14. Also enter this amount on

the applicable line of your return . . . . . . . . . . . . . . . . . . . . . . ▶ 15 16 Total qualified business (loss) carryforward. Combine lines 2 and 3. If greater than zero, enter -0- . . 16 ( ) 17 Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than

zero, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 ( ) For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 37806C Form 8995 (2020)

Version A, Cycle 7

INTERNAL USE ONLY DRAFT AS OF

January 11, 2021

2020 Form 8995

SE:W:CAR:MP

Qualified Business Income Deduction Simplified Computation

Form  8995

Department of the Treasury Internal Revenue Service

Qualified Business Income DeductionSimplified Computation

▶ Attach to your tax return.

▶ Go to www.irs.gov/Form8995 for instructions and the latest information.

OMB No. 1545-2294

2020

2020. Cat. No. 37814C.

AttachmentSequence No. 55

Attachment Sequence No. 55. For Privacy Act and Paperwork Reduction Act Notice, see instructions.

Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. 

Use this form if your taxable income, before your qualified business income deduction, is at or below $163,300 ($326,600 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative.

1

(a)  Trade, business, or aggregation name 

(b)  Taxpayer identification number  

(c) Qualified businessincome or (loss)  

i

ii

iii

iv

v

2

Total qualified business income or (loss). Combine lines 1i through 1v,   column (c)          

2

3

Qualified business net (loss) carryforward from the prior year         

3

(                          )

4

Total qualified business income. Combine lines 2 and 3. If zero or less, enter -0-          

4

5

Qualified business income component. Multiply line 4 by 20% (0.20)           

5

6

 

Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see instructions)          

6

7

Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year         

7

(                          )

8

Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0-          

8

9

REIT and PTP component. Multiply line 8 by 20% (0.20)          

9

10

Qualified business income deduction before the income limitation. Add lines 5 and 9           

10

11

Taxable income before qualified business income deduction          

11

12

Net capital gain (see instructions)          

12

13

Subtract line 12 from line 11. If zero or less, enter -0-          

13

14

Income limitation. Multiply line 13 by 20% (0.20)           

14

15

Qualified business income deduction. Enter the lesser of line 10 or line 14. Also enter this amount on the applicable line of your return           ▶

15

16

Total qualified business (loss) carryforward. Combine lines 2 and 3. If greater than zero, enter -0-           

16

(         )

17

Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than zero, enter -0-           

17

(         )

For Privacy Act and Paperwork Reduction Act Notice, see instructions.

Cat. No. 37806C

        Form 8995 (2020)

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Attachment 2

Section C—Assets Placed in Service During 2020 Tax Year Using the Alternative Depreciation System

Form 4562 Department of the Treasury Internal Revenue Service (99)

Depreciation and Amortization (Including Information on Listed Property)

▶ Attach to your tax return. ▶ Go to www.irs.gov/Form4562 for instructions and the latest information.

OMB No. 1545-0172

2020 Attachment Sequence No. 179

Name(s) shown on return Business or activity to which this form relates Identifying number

Part I Election To Expense Certain Property Under Section 179 Note: If you have any listed property, complete Part V before you complete Part I.

1 Maximum amount (see instructions) . . . . . . . . . . . . . . . . . . . . . . . 1 2 Total cost of section 179 property placed in service (see instructions) . . . . . . . . . . . 2 3 Threshold cost of section 179 property before reduction in limitation (see instructions) . . . . . . 3 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- . . . . . . . . . . 4 5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing

separately, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 (a) Description of property (b) Cost (business use only) (c) Elected cost

7 Listed property. Enter the amount from line 29 . . . . . . . . . 7 8 Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 . . . . . . 8 9 Tentative deduction. Enter the smaller of line 5 or line 8 . . . . . . . . . . . . . . . . 9

10 Carryover of disallowed deduction from line 13 of your 2019 Form 4562 . . . . . . . . . . . 10 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instructions 11 12 Section 179 expense deduction. Add lines 9 and 10, but don’t enter more than line 11 . . . . . . 12 13 Carryover of disallowed deduction to 2021. Add lines 9 and 10, less line 12 ▶ 13

Note: Don’t use Part II or Part III below for listed property. Instead, use Part V. Part II Special Depreciation Allowance and Other Depreciation (Don’t include listed property. See instructions.) 14 Special depreciation allowance for qualified property (other than listed property) placed in service

during the tax year. See instructions . . . . . . . . . . . . . . . . . . . . . . . 14 15 Property subject to section 168(f)(1) election . . . . . . . . . . . . . . . . . . . . 15 16 Other depreciation (including ACRS) . . . . . . . . . . . . . . . . . . . . . . 16 Part III MACRS Depreciation (Don’t include listed property. See instructions.)

Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2020 . . . . . . . 17 18 If you are electing to group any assets placed in service during the tax year into one or more general

asset accounts, check here . . . . . . . . . . . . . . . . . . . . . . ▶

Section B—Assets Placed in Service During 2020 Tax Year Using the General Depreciation System

(a) Classification of property (b) Month and year

placed in service

(c) Basis for depreciation (business/investment use

only—see instructions) (d) Recovery

period (e) Convention (f) Method (g) Depreciation deduction

19a 3-year property b 5-year property c 7-year property d 10-year property e 15-year property f 20-year property g 25-year property 25 yrs. S/L h Residential rental 27.5 yrs. MM S/L

property 27.5 yrs. MM S/L i Nonresidential real 39 yrs. MM S/L property MM S/L

20a Class life S/L b 12-year 12 yrs. S/L c 30-year 30 yrs. MM S/L d 40-year 40 yrs. MM S/L

Part IV Summary (See instructions.) 21 Listed property. Enter amount from line 28 . . . . . . . . . . . . . . . . . . . . 21 22 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter

here and on the appropriate lines of your return. Partnerships and S corporations—see instructions . 22 23 For assets shown above and placed in service during the current year, enter the

portion of the basis attributable to section 263A costs . . . . . . . . . 23 For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 12906N Form 4562 (2020)

Amortization of costs that begins during your 2020 tax year (see instructions):

Form 4562 (2020) Page 2 Part V Listed Property (Include automobiles, certain other vehicles, certain aircraft, and property used for

entertainment, recreation, or amusement.) Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b, columns (a) through (c) of Section A, all of Section B, and Section C if applicable.

Section A—Depreciation and Other Information (Caution: See the instructions for limits for passenger automobiles.) 24a Do you have evidence to support the business/investment use claimed? Yes No 24b If “Yes,” is the evidence written? Yes No

(a) Type of property (list

vehicles first)

(b) Date placed

in service

(c) Business/

investment use percentage

(d) Cost or other basis

(e) Basis for depreciation (business/investment

use only)

(f) Recovery

period

(g) Method/

Convention

(h) Depreciation

deduction

(i) Elected section 179

cost

25 Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50% in a qualified business use. See instructions . 25

26 Property used more than 50% in a qualified business use:

% % %

27 Property used 50% or less in a qualified business use:

% S/L – % S/L – % S/L –

28 Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1 . 28 29 Add amounts in column (i), line 26. Enter here and on line 7, page 1 . . . . . . . . . . . . 29

Section B—Information on Use of Vehicles Complete this section for vehicles used by a sole proprietor, partner, or other “more than 5% owner,” or related person. If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles.

30 Total business/investment miles driven during the year (don’t include commuting miles) .

(a) Vehicle 1

(b) Vehicle 2

(c) Vehicle 3

(d) Vehicle 4

(e) Vehicle 5

(f) Vehicle 6

31 Total commuting miles driven during the year 32 Total other personal (noncommuting)

miles driven . . . . . . . . . 33 Total miles driven during the year. Add

lines 30 through 32 . . . . . . .

34 Was the vehicle available for personal Yes No Yes No Yes No Yes No Yes No Yes No use during off-duty hours? . . . . .

35 Was the vehicle used primarily by a more than 5% owner or related person? . .

36 Is another vehicle available for personal use? Section C—Questions for Employers Who Provide Vehicles for Use by Their Employees

Answer these questions to determine if you meet an exception to completing Section B for vehicles used by employees who aren’t more than 5% owners or related persons. See instructions.

37 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your employees? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes No

38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees? See the instructions for vehicles used by corporate officers, directors, or 1% or more owners . .

39 Do you treat all use of vehicles by employees as personal use? . . . . . . . . . . . . . . . . 40 Do you provide more than five vehicles to your employees, obtain information from your employees about the

use of the vehicles, and retain the information received? . . . . . . . . . . . . . . . . . . . 41 Do you meet the requirements concerning qualified automobile demonstration use? See instructions. . . . .

Note: If your answer to 37, 38, 39, 40, or 41 is “Yes,” don’t complete Section B for the covered vehicles. Part VI Amortization

(a) Description of costs

(b) Date amortization

begins

(c) Amortizable amount

(d) Code section

(e) Amortization

period or percentage

(f) Amortization for this year

42

43 Amortization of costs that began before your 2020 tax year . . . . . . . . . . . . . 43 44 Total. Add amounts in column (f). See the instructions for where to report . . . . . . . . 44

Form 4562 (2020)

Version A, Cycle 3

INTERNAL USE ONLY DRAFT AS OF September 3, 2020

2020 Form 4562

SE:W:CAR:MP

Depreciation and Amortization (Including Information on Listed Property)

Section C—Assets Placed in Service During 2020 Tax Year Using the Alternative Depreciation System

Form 4562

Department of the Treasury 

Internal Revenue Service    (99)

Depreciation and Amortization 

(Including Information on Listed Property)

 ▶ Attach to your tax return.

▶ Go to www.irs.gov/Form4562 for instructions and the latest information.

OMB No. 1545-0172

2020

2020. Cat. No. 12906N.

Attachment          

Sequence No. 179

Attachment Sequence No. 179. For Paperwork Reduction Act Notice, see separate instructions.

Part I

Election To Expense Certain Property Under Section 179 

Note: If you have any listed property, complete Part V before you complete Part I.

1

Maximum amount (see instructions)          

1

2

Total cost of section 179 property placed in service (see instructions)          

2

3

Threshold cost of section 179 property before reduction in limitation (see instructions)          

3

4

Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0-          

4

5

Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing  separately, see instructions          

5

6

(a)  Description of property

(b)  Cost (business use only)

(c)  Elected cost

7

Listed property. Enter the amount from line 29          

7

8

Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7          

8

9

Tentative deduction. Enter the smaller of line 5 or line 8          

9

10

Carryover of disallowed deduction from line 13 of your 2019 Form 4562         

10

11

Business income limitation. Enter the smaller of business income (not less than zero) or line 5. See instructions

11

12

Section 179 expense deduction. Add lines 9 and 10, but don’t enter more than line 11          

12

13

Carryover of disallowed deduction to 2021. Add lines 9 and 10, less line 12   ▶

13

Note:  Don’t use Part II or Part III below for listed property. Instead, use Part V.

Part II

Special Depreciation Allowance and Other Depreciation (Don’t include listed property. See instructions.)

14

Special depreciation allowance for qualified property (other than listed property) placed in service  during the tax year. See instructions         

14

15

Property subject to section 168(f)(1) election          

15

16

Other depreciation (including ACRS)          

16

Part III

MACRS Depreciation (Don’t include listed property. See instructions.)

Section A

17

MACRS deductions for assets placed in service in tax years beginning before 2020          

17

18

If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here           ▶

Section B—Assets Placed in Service During 2020 Tax Year Using the General Depreciation System

(a) Classification of property

(b)  Month and year

 placed in 

service

(c)  Basis for depreciation

 (business/investment use 

only—see instructions)

(d)  Recovery period

(e)  Convention

(f)  Method

(g)  Depreciation deduction

(a) Classification of property.

(b) Month and year placed in service.

(c) Basis for depreciation (business/investment use only—see instructions).

(d) Recovery period.

(e) Convention.

(f) Method.

(g) Depreciation deduction.

19a

3-year property

b

5-year property

c

7-year property

d

10-year property

e

15-year property

f

20-year property

g

25-year property

h

h. Line 1 of 2.

Residential rental

Residential rental property. Line 1 of 2.

h. Line 2 of 2.

Residential rental property. Line 2 of 2.

property

i

i. Line 1 of 2.

Nonresidential real

Nonresidential real property. Line 1 of 2.

i. Line 2 of 2.

Nonresidential real property. Line 2 of 2.

property

(a) Classification of property.

(b) Month and year placed in service.

(c) Basis for depreciation (business/investment use only—see instructions).

(d) Recovery period.

(e) Convention.

(f) Method.

(g) Depreciation deduction.

20a

Class life

b

12-year

c

30-year

d

40-year

Part IV

Summary  (See instructions.)

21

Listed property. Enter amount from line 28          

21

22

Total.  Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here and on the appropriate lines of your return. Partnerships and S corporations—see instructions          

22

23

For assets shown above and placed in service during the current year, enter the portion of the basis attributable to section 263A costs          

23

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 12906N

   Form 4562 (2020)

Amortization of costs that begins during your 2020 tax year (see instructions):

Form 4562 (2020)

Page  2 

Part V

Listed Property  (Include automobiles, certain other vehicles, certain aircraft, and property used for entertainment, recreation, or amusement.)

Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b, columns (a) through (c) of Section A, all of Section B, and Section C if applicable.

Section A—Depreciation and Other Information (Caution: See the instructions for limits for passenger automobiles.)

24

a

Do you have evidence to support the business/investment use claimed?

24b

If “Yes,” is the evidence written?

(a) 

Type of property (list vehicles first)

(b) 

Date placed in service

(c) 

Business/ investment use percentage

(d) 

Cost or other basis

(e) 

Basis for depreciation (business/investment use only)

(f)

 Recovery period

(g) 

Method/ Convention

(h) 

Depreciation deduction

(i) 

Elected section 179 cost

25

Special depreciation allowance for qualified listed property placed in service during the tax  year and used more than 50% in a qualified business use. See instructions          

25

26

Property used more than 50% in a qualified business use:

(a) Type of property (list vehicles first).

(b) Date placed in service.

(c) Business/investment use percentage.

(d) Cost or other basis.

(e) Basis for depreciation (business/investment use only).

(f) Recovery period.

(g) Method/Convention.

(h) Depreciation deduction.

(i) Elected section 179 cost.

27

Property used 50% or less in a qualified business use:

(a) Type of property (list vehicles first).

(b) Date placed in service.

(c) Business/investment use percentage.

(d) Cost or other basis.

(e) Basis for depreciation (business/investment use only).

(f) Recovery period.

(g) Method/Convention.

(h) Depreciation deduction.

28

Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1          

28

29

Add amounts in column (i), line 26. Enter here and on line 7, page 1          

29

Section B—Information on Use of Vehicles

Complete this section for vehicles used by a sole proprietor, partner, or other “more than 5% owner,” or related person. If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles.

(a) Vehicle 1.

(b) Vehicle 2.

(c) Vehicle 3.

(d) Vehicle 4.

(e) Vehicle 5.

(f) Vehicle 6.

30

Total business/investment miles driven during the year (don’t include commuting miles)                    

31

Total commuting miles driven during the year

32

Total other personal (noncommuting) miles driven          

33

Total miles driven during the year. Add lines 30 through 32          

34

Was the vehicle available for personal 

Yes

(a) Vehicle 1. Yes.

No

(a) Vehicle 1. No.

Yes

(b) Vehicle 2. Yes.

No

(b) Vehicle 2. No.

Yes

(c) Vehicle 3. Yes.

No

(c) Vehicle 3. No.

Yes

(d) Vehicle 4. Yes.

No

(d) Vehicle 4. No.

Yes

(e) Vehicle 5. Yes.

No

(e) Vehicle 5. No.

Yes

(f) Vehicle 6. Yes.

No

(f) Vehicle 6. No.

34.

use during off-duty hours?         

Was the vehicle available for personal use during off-duty hours?

35

Was the vehicle used primarily by a more than 5% owner or related person?          

36

Is another vehicle available for personal use?

Section C—Questions for Employers Who Provide Vehicles for Use by Their Employees

Answer these questions to determine if you meet an exception to completing Section B for vehicles used by employees who aren’t  more than 5% owners or related persons. See instructions.

37

Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your employees?          

Yes

No

38

Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees?  See the instructions for vehicles used by corporate officers, directors, or 1% or more owners          

39

Do you treat all use of vehicles by employees as personal use?          

40

Do you provide more than five vehicles to your employees, obtain information from your employees about the use of the vehicles, and retain the information received?          

41

Do you meet the requirements concerning qualified automobile demonstration use? See instructions.          

Note:  If your answer to 37, 38, 39, 40, or 41 is “Yes,” don’t complete Section B for the covered vehicles.

Part VI

Amortization

(a) 

Description of costs

(b) 

Date amortization begins

(c) 

Amortizable amount

(d) 

Code section

(e) 

Amortization period or percentage

(f) 

Amortization for this year

42

(a) Description of costs

(b) Date amortization begins.

(c) Amortizable amount.

(d) Code section.

(e) Amortization period or percentage.

(f) Amortization for this year.

43

Amortization of costs that began before your 2020 tax year          

43

44

Total.  Add amounts in column (f). See the instructions for where to report          

44

Form 4562 (2020)

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Attachment 3

F o

rm 1041 2020U.S. Income Tax Return for Estates and Trusts Department of the Treasury—Internal Revenue Service

▶ Go to www.irs.gov/Form1041 for instructions and the latest information. OMB No. 1545-0092

For calendar year 2020 or fiscal year beginning , 2020, and ending , 20 Name of estate or trust (If a grantor type trust, see the instructions.)

Name and title of fiduciary

Number, street, and room or suite no. (If a P.O. box, see the instructions.)

City or town, state or province, country, and ZIP or foreign postal code

A Check all that apply:

Decedent’s estate

Simple trust

Complex trust

Qualified disability trust

ESBT (S portion only)

Grantor type trust

Bankruptcy estate—Ch. 7

Bankruptcy estate—Ch. 11

Pooled income fund

B Number of Schedules K-1 attached (see instructions) ▶

C Employer identification number

D Date entity created

E Nonexempt charitable and split-interest trusts, check applicable box(es). See instructions.

Described in sec. 4947(a)(1). Check here if not a private foundation . . ▶

Described in sec. 4947(a)(2)

F Check applicable boxes:

Initial return Final return Amended return Net operating loss carryback

Change in trust’s name Change in fiduciary Change in fiduciary’s name Change in fiduciary’s address

G Check here if the estate or filing trust made a section 645 election . . . . . . . . . ▶ Trust TIN ▶

In c

o m

e

1 Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2a Total ordinary dividends . . . . . . . . . . . . . . . . . . . . . . . . . 2a

b Qualified dividends allocable to: (1) Beneficiaries (2) Estate or trust 3 Business income or (loss). Attach Schedule C (Form 1040) . . . . . . . . . . . . . 3 4 Capital gain or (loss). Attach Schedule D (Form 1041) . . . . . . . . . . . . . . . 4 5 Rents, royalties, partnerships, other estates and trusts, etc. Attach Schedule E (Form 1040) . . 5 6 Farm income or (loss). Attach Schedule F (Form 1040) . . . . . . . . . . . . . . . 6 7 Ordinary gain or (loss). Attach Form 4797 . . . . . . . . . . . . . . . . . . . 7 8 Other income. List type and amount 8 9 Total income. Combine lines 1, 2a, and 3 through 8 . . . . . . . . . . . . . . ▶ 9

D e

d u

c ti

o n

s

10 Interest. Check if Form 4952 is attached ▶ . . . . . . . . . . . . . . . . . 10 11 Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Fiduciary fees. If only a portion is deductible under section 67(e), see instructions . . . . . . 12 13 Charitable deduction (from Schedule A, line 7) . . . . . . . . . . . . . . . . . 13 14 Attorney, accountant, and return preparer fees. If only a portion is deductible under section 67(e),

see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 a Other deductions (attach schedule). See instructions for deductions allowable under section 67(e) 15a

b Net operating loss deduction. See instructions . . . . . . . . . . . . . . . . . 15b 16 Add lines 10 through 15b . . . . . . . . . . . . . . . . . . . . . . . ▶ 16 17 Adjusted total income or (loss). Subtract line 16 from line 9 . . . . . 17 18 Income distribution deduction (from Schedule B, line 15). Attach Schedules K-1 (Form 1041) . . 18 19 Estate tax deduction including certain generation-skipping taxes (attach computation) . . . . 19 20 Qualified business income deduction. Attach Form 8995 or 8995-A . . . . . . . . . . 20 21 Exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 22 Add lines 18 through 21 . . . . . . . . . . . . . . . . . . . . . . . . ▶ 22

T a

x a

n d

P a

ym e

n ts

23 Taxable income. Subtract line 22 from line 17. If a loss, see instructions . . . . . . . . . 23 24 Total tax (from Schedule G, Part I, line 9) . . . . . . . . . . . . . . . . . . . 24 25 2020 net 965 tax liability paid from Form 965-A, Part II, column (k), line 4 . . . . . . . . 25 26 Total payments (from Schedule G, Part II, line 19) . . . . . . . . . . . . . . . . 26 27 Estimated tax penalty. See instructions . . . . . . . . . . . . . . . . . . . . 27 28 Tax due. If line 26 is smaller than the total of lines 24, 25, and 27, enter amount owed . . . . 28 29 Overpayment. If line 26 is larger than the total of lines 24, 25, and 27, enter amount overpaid . . 29 30 Amount of line 29 to be: a Credited to 2021 ▶ ; b Refunded . . . . . ▶ 30

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Signature of fiduciary or officer representing fiduciary Date

EIN of fiduciary if a financial institution

May the IRS discuss this return with the preparer shown below? See instructions. Yes No

Paid Preparer Use Only

Print/Type preparer’s name Preparer’s signature Date Check if self-employed

PTIN

Firm’s name ▶

Firm’s address ▶

Firm’s EIN ▶

Phone no.

For Paperwork Reduction Act Notice, see the separate instructions. Cat. No. 11370H Form 1041 (2020)

Form 1041 (2020) Page 2 Schedule A Charitable Deduction. Don’t complete for a simple trust or a pooled income fund. 1 Amounts paid or permanently set aside for charitable purposes from gross income. See instructions 1 2 Tax-exempt income allocable to charitable contributions. See instructions . . . . . . . . . 2 3 Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable

purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Add lines 3 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Section 1202 exclusion allocable to capital gains paid or permanently set aside for charitable

purposes. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Charitable deduction. Subtract line 6 from line 5. Enter here and on page 1, line 13 . . . . . . 7

Schedule B Income Distribution Deduction 1 Adjusted total income. See instructions . . . . . . . . . . . . . . . . . . . . . 1 2 Adjusted tax-exempt interest . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Total net gain from Schedule D (Form 1041), line 19, column (1). See instructions . . . . . . . 3 4 Enter amount from Schedule A, line 4 (minus any allocable section 1202 exclusion) . . . . . . 4 5 Capital gains for the tax year included on Schedule A, line 1. See instructions . . . . . . . . 5 6 Enter any gain from page 1, line 4, as a negative number. If page 1, line 4, is a loss, enter the loss as a

positive number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Distributable net income. Combine lines 1 through 6. If zero or less, enter -0- . . . . . . . . 7 8

If a complex trust, enter accounting income for the tax year as determined under the governing instrument and applicable local law . . . . . . . 8

9 Income required to be distributed currently . . . . . . . . . . . . . . . . . . . . 9 10 Other amounts paid, credited, or otherwise required to be distributed . . . . . . . . . . . 10 11 Total distributions. Add lines 9 and 10. If greater than line 8, see instructions . . . . . . . . 11 12 Enter the amount of tax-exempt income included on line 11 . . . . . . . . . . . . . . 12 13 Tentative income distribution deduction. Subtract line 12 from line 11 . . . . . . . . . . . 13 14 Tentative income distribution deduction. Subtract line 2 from line 7. If zero or less, enter -0- . . . 14 15 Income distribution deduction. Enter the smaller of line 13 or line 14 here and on page 1, line 18 . 15 Schedule G Tax Computation and Payments (see instructions)

Part I — Tax Computation 1 Tax:

a Tax on taxable income. See instructions . . . . . . . . . . . . 1a b Tax on lump-sum distributions. Attach Form 4972 . . . . . . . . . 1b c Alternative minimum tax (from Schedule I (Form 1041), line 54) . . . . . 1c d Total. Add lines 1a through 1c . . . . . . . . . . . . . . . . . . . . . . . ▶ 1d

2a Foreign tax credit. Attach Form 1116 . . . . . . . . . . . . . . 2a b General business credit. Attach Form 3800 . . . . . . . . . . . . 2b c Credit for prior year minimum tax. Attach Form 8801 . . . . . . . . 2c d Bond credits. Attach Form 8912 . . . . . . . . . . . . . . . 2d e Total credits. Add lines 2a through 2d . . . . . . . . . . . . . . . . . . . . ▶ 2e

3 Subtract line 2e from line 1d. If zero or less, enter -0- . . . . . . . . . . . . . . . . 3 4 Tax on the ESBT portion of the trust (from ESBT Tax Worksheet, line 17). See instructions . . . . 4 5 Net investment income tax from Form 8960, line 21 . . . . . . . . . . . . . . . . . 5 6 Recapture taxes. Check if from: . . . . . . . . . . . . Form 4255 Form 8611 6 7 Household employment taxes. Attach Schedule H (Form 1040) . . . . . . . . . . . . . 7 8 Other taxes and amounts due . . . . . . . . . . . . . . . . . . . . . . . . 8 9 Total tax. Add lines 3 through 8. Enter here and on page 1, line 24 . . . . . . . . . . . ▶ 9

Part II — Payments 10 2020 estimated tax payments and amount applied from 2019 return . . . . . . . . . . . 10 11 Estimated tax payments allocated to beneficiaries (from Form 1041-T) . . . . . . . . . . . 11 12 Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Tax paid with Form 7004. See instructions . . . . . . . . . . . . . . . . . . . . 13 14 Federal income tax withheld. If any is from Form(s) 1099, check here ▶ . . . . . . . . . 14 15 2020 net 965 tax liability from Form 965-A, Part I, column (f), line 4 . . . . . . . . . . . . 15 16 Other payments: a Form 2439 ; b Form 4136 ; Total . . ▶ 16c 17 Refundable credit for qualified sick and family leave. Attach Schedule H (Form 1040) . . . . . . 17 18 Deferral. If filing Schedule H (Form 1040), see instructions for amount to enter . . . . . . . . 18 19 Total payments. Add lines 12 through 15 and 16c through 18. Enter here and on page 1, line 26 . ▶ 19

Form 1041 (2020)

Form 1041 (2020) Page 3 Other Information Yes No

1 Did the estate or trust receive tax-exempt income? If “Yes,” attach a computation of the allocation of expenses. Enter the amount of tax-exempt interest income and exempt-interest dividends . . . ▶ $

2 Did the estate or trust receive all or any part of the earnings (salary, wages, and other compensation) of any individual by reason of a contract assignment or similar arrangement? . . . . . . . . . . . . . . .

3 At any time during calendar year 2020, did the estate or trust have an interest in or a signature or other authority over a bank, securities, or other financial account in a foreign country? . . . . . . . . . . . . . .

See the instructions for exceptions and filing requirements for FinCEN Form 114. If “Yes,” enter the name of the foreign country ▶

4 During the tax year, did the estate or trust receive a distribution from, or was it the grantor of, or transferor to, a foreign trust? If “Yes,” the estate or trust may have to file Form 3520. See instructions . . . . . . . . .

5 Did the estate or trust receive, or pay, any qualified residence interest on seller-provided financing? If “Yes,” see the instructions for the required attachment . . . . . . . . . . . . . . . . . . . . . . .

6 If this is an estate or a complex trust making the section 663(b) election, check here. See instructions . . ▶

7 To make a section 643(e)(3) election, attach Schedule D (Form 1041), and check here. See instructions . . ▶ 8 If the decedent’s estate has been open for more than 2 years, attach an explanation for the delay in closing the

estate, and check here . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶

9 Are any present or future trust beneficiaries skip persons? See instructions . . . . . . . . . . . . . 10 Was the trust a specified domestic entity required to file Form 8938 for the tax year (see the Instructions for

Form 8938)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11a Did the estate or trust distribute S corporation stock for which it made a section 965(i) election? . . . . . . b If “Yes,” did each beneficiary enter into an agreement to be liable for the net tax liability? See instructions . . .

12 Did the estate or trust make a section 965(i) election for S corporation stock held on the last day of the tax year? See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13 ESBTs only. Does the ESBT have a nonresident alien grantor? If “Yes,” see instructions . . . . . . . . 14 ESBTs only. Did the S portion of the trust claim a qualified business income deduction? If “Yes,” see instructions

Form 1041 (2020)

Version A, Cycle 5

INTERNAL USE ONLY DRAFT AS OF July 21, 2020

2020 Form 1041

SE:W:CAR:MP

U.S. Income Tax Return for Estates and Trusts

Form

1041

2020

2020. Cat. No. 11370H.

U.S. Income Tax Return for Estates and Trusts

Department of the Treasury—Internal Revenue Service

▶ Go to www.irs.gov/Form1041 for instructions and the latest information.

OMB No. 1545-0092

O M B No. 1545-0092. For Paperwork Reduction Act Notice, see the separate instructions.

A   Check all that apply: 

B    Number of Schedules K-1attached (seeinstructions) ▶

E   Nonexempt charitable and split-interest trusts, check applicable box(es).See instructions. 

F  Check  applicable  boxes: 

G  Check here if the estate or filing trust made a section 645 election          ▶

Income

1

Interest income           

1

2

a

Total ordinary dividends          

2a

b

Qualified dividends allocable to:

3

Business income or (loss). Attach Schedule C (Form 1040)           

3

4

Capital gain or (loss). Attach Schedule D (Form 1041)           

4

5

Rents, royalties, partnerships, other estates and trusts, etc. Attach Schedule E (Form 1040)          

5

6

Farm income or (loss). Attach Schedule F (Form 1040)          

6

7

Ordinary gain or (loss). Attach Form 4797           

7

8

8

9

Total income. Combine lines 1, 2a, and 3 through 8          ▶ 

9

Deductions

10

Interest. Check if Form 4952 is attached  ▶                  

10

11

Taxes           

11

12

Fiduciary fees. If only a portion is deductible under section 67(e), see instructions           

12

13

Charitable deduction (from Schedule A, line 7)           

13

14


Attorney, accountant, and return preparer fees. If only a portion is deductible under section 67(e), see instructions          

14

15

a

Other deductions (attach schedule). See instructions for deductions allowable under section 67(e)

15a

b

Net operating loss deduction. See instructions           

15b

16

Add lines 10 through 15b          ▶

16

17

Adjusted total income or (loss). Subtract line 16 from line 9           

17

18

Income distribution deduction (from Schedule B, line 15). Attach Schedules K-1 (Form 1041)          

18

19

Estate tax deduction including certain generation-skipping taxes (attach computation)           

19

20

Qualified business income deduction. Attach Form 8995 or 8995-A           

20

21

Exemption           

21

22

Add lines 18 through 21          ▶ 

22

Tax and Payments

23

Taxable income. Subtract line 22 from line 17. If a loss, see instructions          

23

24

Total tax (from Schedule G, Part I, line 9)           

24

25

2020 net 965 tax liability paid from Form 965-A, Part II, column (k), line 4           

25

26

Total payments (from Schedule G, Part II, line 19)           

26

27

Estimated tax penalty. See instructions          

27

28

Tax due. If line 26 is smaller than the total of lines 24, 25, and 27, enter amount owed           

28

29

Overpayment. If line 26 is larger than the total of lines 24, 25, and 27, enter amount overpaid           

29

30

 ;   b Refunded          ▶

30

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Signature of fiduciary or officer representing fiduciary

Date

EIN of fiduciary if a financial institution

May the IRS discuss this return with the preparer shown below? See instructions.

Paid Preparer Use Only

Preparer’s signature

Date

Check if self-employed

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 11370H

Form 1041 (2020) 

Form 1041 (2020)

Page 2 

Schedule A

Charitable Deduction. Don’t complete for a simple trust or a pooled income fund. 

1

Amounts paid or permanently set aside for charitable purposes from gross income. See instructions

1

2

Tax-exempt income allocable to charitable contributions. See instructions           

2

3

Subtract line 2 from line 1           

3

4 


Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable purposes          

4

5

Add lines 3 and 4           

5

6 


Section 1202 exclusion allocable to capital gains paid or permanently set aside for charitable purposes. See instructions          

6

7

Charitable deduction. Subtract line 6 from line 5. Enter here and on page 1, line 13           

7

Schedule B

Income Distribution Deduction

1

Adjusted total income. See instructions           

1

2

Adjusted tax-exempt interest           

2

3

Total net gain from Schedule D (Form 1041), line 19, column (1). See instructions          

3

4

Enter amount from Schedule A, line 4 (minus any allocable section 1202 exclusion)           

4

5

Capital gains for the tax year included on Schedule A, line 1. See instructions           

5

6 


Enter any gain from page 1, line 4, as a negative number. If page 1, line 4, is a loss, enter the loss as a positive number          

6

7

Distributable net income. Combine lines 1 through 6. If zero or less, enter -0-          

7

8


If a complex trust, enter accounting income for the tax year as determined under the governing instrument and applicable local law           

8

9

Income required to be distributed currently           

9

10

Other amounts paid, credited, or otherwise required to be distributed           

10

11

Total distributions. Add lines 9 and 10. If greater than line 8, see instructions          

11

12

Enter the amount of tax-exempt income included on line 11           

12

13

Tentative income distribution deduction. Subtract line 12 from line 11           

13

14

Tentative income distribution deduction. Subtract line 2 from line 7. If zero or less, enter -0-          

14

15

Income distribution deduction. Enter the smaller of line 13 or line 14 here and on page 1, line 18          

15

Schedule G

Tax Computation and Payments  (see instructions) 

Part I — Tax Computation

1

Tax:

a

Tax on taxable income. See instructions           

1a

b

Tax on lump-sum distributions. Attach Form 4972           

1b

c

Alternative minimum tax (from Schedule I (Form 1041), line 54)           

1c

d

Total. Add lines 1a through 1c           ▶

1d

2

a

Foreign tax credit. Attach Form 1116           

2a

b

General business credit. Attach Form 3800           

2b

c

Credit for prior year minimum tax. Attach Form 8801           

2c

d

Bond credits. Attach Form 8912           

2d

e

Total credits. Add lines 2a through 2d           ▶

2e

3

Subtract line 2e from line 1d. If zero or less, enter -0-           

3

4

Tax on the ESBT portion of the trust (from ESBT Tax Worksheet, line 17). See instructions           

4

5

Net investment income tax from Form 8960, line 21          

5

6

Recapture taxes. Check if from:                                                                  

6

7

Household employment taxes. Attach Schedule H (Form 1040)           

7

8

Other taxes and amounts due          

8

9

Total tax. Add lines 3 through 8. Enter here and on page 1, line 24           ▶

9

Part II — Payments

10

2020 estimated tax payments and amount applied from 2019 return          

10

11

Estimated tax payments allocated to beneficiaries (from Form 1041-T)         

11

12

Subtract line 11 from line 10         

12

13

Tax paid with Form 7004. See instructions         

13

14

Federal income tax withheld. If any is from Form(s) 1099, check here ▶                

14

15

2020 net 965 tax liability from Form 965-A, Part I, column (f), line 4           

15

16

Other payments:

; Total           ▶

16c

17

Refundable credit for qualified sick and family leave. Attach Schedule H (Form 1040)         

17

18

Deferral. If filing Schedule H (Form 1040), see instructions for amount to enter           

18

19

Total payments. Add lines 12 through 15 and 16c through 18. Enter here and on page 1, line 26           ▶

19

Form 1041 (2020) 

Form 1041 (2020)

Page 3 

Other Information

Yes

No

1

Did the estate or trust receive tax-exempt income? If “Yes,” attach a computation of the allocation of expenses. 

Enter the amount of tax-exempt interest income and exempt-interest dividends           ▶

2 


Did the estate or trust receive all or any part of the earnings (salary, wages, and other compensation) of any  individual by reason of a contract assignment or similar arrangement?           

3 


At any time during calendar year 2020, did the estate or trust have an interest in or a signature or other authority  over a bank, securities, or other financial account in a foreign country?           

See the instructions for exceptions and filing requirements for FinCEN Form 114. If “Yes,” enter the name of the foreign country ▶

4 


During the tax year, did the estate or trust receive a distribution from, or was it the grantor of, or transferor to, a foreign trust? If “Yes,” the estate or trust may have to file Form 3520. See instructions           

5 


Did the estate or trust receive, or pay, any qualified residence interest on seller-provided financing? If “Yes,” see the instructions for the required attachment           

6

If this is an estate or a complex trust making the section 663(b) election, check here. See instructions          ▶

7

To make a section 643(e)(3) election, attach Schedule D (Form 1041), and check here. See instructions          ▶

8 


If the decedent’s estate has been open for more than 2 years, attach an explanation for the delay in closing the estate, and check here          ▶

9

Are any present or future trust beneficiaries skip persons? See instructions           

10


Was the trust a specified domestic entity required to file Form 8938 for the tax year (see the Instructions for     Form 8938)?           

11

a

Did the estate or trust distribute S corporation stock for which it made a section 965(i) election?           

b

If “Yes,” did each beneficiary enter into an agreement to be liable for the net tax liability? See instructions          

12


Did the estate or trust make a section 965(i) election for S corporation stock held on the last day of the tax year? See instructions          

13

ESBTs only. Does the ESBT have a nonresident alien grantor? If “Yes,” see instructions          

14

ESBTs only. Did the S portion of the trust claim a qualified business income deduction? If “Yes,” see instructions

Form 1041 (2020) 

  1. f1_1:
  2. f1_2:
  3. f1_3:
  4. f1_4:
  5. f1_5:
  6. f1_6:
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  104. f2_27:
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