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Schedule D-1 (1041 Form) 2022-2023 Renton Washington: What You Should Know
Resident estate or trust with non-resident beneficiaries. — Complete and submit Form IT-205 and a copy of your IRS correspondence/return to the designated taxpayer and/or nonresident beneficiary. Your Form IT-205 should include the following for each beneficiary: The name and addresses of the person who is an officer or non-exempt person of the decedent, and The form of the instrument, document, trust agreement or other instrument providing the right to receive the beneficiary's share of the estate's income if, immediately after the death of the decedent, the decedent left no will. This document can be a will, trust instrument, or any other estate or trust agreement or instrument. If the executor of the estate's estate is a trust, the trustee should submit to the executor of the trust a copy of the trust deed showing the rights of the beneficiary in the trust. Failure to make this information available will result in penalties under IRC Section 6212 which penalizes a failure to provide information, and which provides that the failure to provide the information will be an unlawful failure. • Nonresident beneficiary • Resident beneficiary Note on the date the return is filed • Do not file a return until it is filed with the IRS. Instructions for Form IT-206 Nonresident Gift Tax Return To receive an amended return with a corrected payment, you must send the following information to the IRS by e-mail to the address on the form: The name and address of the nonresident beneficiary/s/he is the beneficiary of the trust; and • An itemized check or money order for the amount of the corrected amount. Instructions for Form IT-215 U.S. Tax on Foreign Bank Account (FAR) For FAR purposes, see IRC Section 6724. Instructions for Form IT-223 Business Expenses for Foreign Persons Not Eligible for a Passport/Citizenship-By-Descent The filing requirement for certain persons not eligible for a passport or citizenship by descent is a special exemption from the U.S. income tax (FATWA/FATCA-SA-1) that only applies to non U.S. citizens who hold a passport from that country. The IRS does not consider the foreign personal holding company (FPH) to be a foreign corporation, and thus has waived all the filing requirements otherwise applicable to Fps.
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