Form 1041

Definition

Form 1041 is the U.S. Income Tax Return for Estates and Trusts, filed by the fiduciary of a decedent's estate, trust, or bankruptcy estate. It reports income, deductions, gains, and losses of the entity, and determines how much taxable income flows through to beneficiaries via K-1 schedules. This return is distinct from individual or business returns and carries unique fiduciary compliance responsibilities.