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Trusts and estates (Income Taxation rules for estates and trusts (Annual…
Trusts and estates
Income Taxation rules for estates and trusts
Distributable net income (DNI)
Income tax returns
Income distribution deduction
Annual estate income tax return ( form 1041)
Tax year
Estimated payments: exempted from making payments for first 2 years
required when annual income > $600
Annual trust income tax return ( form 1041)
Calendar year
Distributable net income
Simple trusts
Grantor trusts
Complex trusts
Separate entities
Taxation of estates
Income tax
Estate tax
Separate tax paying entities