Which Estates and Trusts Must File Form 1041 in 2013?
In 2013, the following estates are required to file IRS Form 1041:
- The estate's gross income for the tax year is $600 or more, or
- A beneficiary of the estate is a nonresident alien.
In 2013, the following trusts are required to file IRS Form 1041:
- The trust has any taxable income for the tax,
- The trust has gross income of $600 or more (regardless of taxable income), or
- A beneficiary of the trust is a nonresident alien.
2013 Estate and Trust Income Tax Brackets
In Rev. Proc. 2013-15, the IRS set forth the inflation-adjusted income tax brackets for 2013. Below are the income tax brackets that apply to estates and trusts in 2013, which includes the new top 39.6% income tax bracket introduced by the American Taxpayer Relief Act.
If taxable income is: The tax is:
Not over $2,450 15% of the taxable income
Over $2,450 but $367.50 plus 25% of
not over $5,700 the excess over $2,450
Over $5,700 but $1,180 plus 28% of
not over $8,750 the excess over $5,700
Over $8,750 but $2,034 plus 33% of
not over $11,950 the excess over $8,750
Over $11,950 $3,090 plus 39.6% of
the excess over $11,950