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TN Schedule D-1 (1041 Form) 2022-2024: What You Should Know

Attach either: Schedule K — Capital Gains Tax (Form 1040 or 1040A) Schedule D — Beneficiary Information, if applicable (Form 1041) 2021 (20.6) Total Taxes Due or Overpayment if the Trust or Estate has no taxable income. 2021, (20.7) Underpayment (under count). If an estate or trust has a taxable income of less than 10,000, (including the federal exclusion for dependent care, as limited by applicable IRC Section 129(e)(3)) no additional information may be required. Underpayment results if (a) the Trust or Estate has reported a taxable income from sources other than interest and dividends, and (b) the Trust or Estate has underpaid federal income tax on taxable income by less than 10,000. A trust is considered to have underreported its taxable income when the trustee or receiver of the trust fails to provide any information required in the Internal Revenue Code (IRC) by the due date. 2021 (20.8) Interest and Dividends. If the Trust or Estate has income from interests and dividends, a separate payment is required under §2021.12(F)(9). If a separate payment will reduce a trust's net capital gain or (loss) for the year, the payment must be made separately. If a payment is not made to the individual beneficiary, (e.g., the Trust's annual payments to a bank account or corporation), the payment is also considered underpaid if a payment of interest and dividends to one beneficiary from other income is reduced. If a payment is made to one or more beneficiaries in the name of another, the payment is also considered underpaid if the payment is made to a bank account, an entity such as a corporation, or a trust company, (e.g. the payments for a corporation's stock option plans). 2021 (20.9) Net Capital Gain (or Loss) if no dividends to a trust are received. The amount deducted under paragraph (a). For the amount to be distributed to beneficiary(s), as shown in box 13, the “Net capital” is shown in the same column as the “Amount deducted under paragraph (a)” (see table 1 in Appendix 1). (a) The amount on column (b) must equal the amount on column (a) minus the amount on column (2) as shown in column (c).

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