You are responsible for the Federal income tax filings of the Tyrone Trust. Summarize the relevant due dates and filing requirements for Tyrone.
What will be an ideal response?
A Form 1041 is required if the estate or trust recognizes at least $600 gross income or if a trust has a positive amount of taxable income. The return and any amount of tax required are due before extensions no later than the fifteenth day of the fourth month following the end of the tax year; for a calendar taxpayer, this is April 15 of the following year The extended due date would be September 30.?Estimated tax payments must be made by a fiduciary entity. Estates and grantor trusts need to make estimated payments only beginning with the tax year that includes the date two years after the date of the decedent’s death (for tax years that end two or more years after the date of the decedent’s death).
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