Purpose of Form

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Purpose of Form

The fiduciary of a domestic decedent's estate, trust, or bankruptcy estate uses Form 1041 to report:

  • The income, deductions, gains, losses, etc. of the estate or trust;

  • The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries;

  • Any income tax liability of the estate or trust; and

  • Employment taxes on wages paid to household employees.