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Form 1041-QFT for Surprise Arizona: What You Should Know
The trust has elected to be taxed as a QFT for federal income tax purposes. The Form 1041 form or any other qualified funeral trust tax report must be accompanied by form W-9 at the time of the filing. A. The trustee must report a qualifying amount on a Form 1041. B. Form 1041, Return of Estates and Trusts, must be attached to the Form 1041-EZ. C. For a QFT, a qualified funeral trustee (qualified funeral trustee) is required to fill out Forms 5498, 5498-A, 5498-B and 5498-EZ. The Forms 5498 do not have to be filed, but the trustee must send the Form 5498-EZ (Form 1041 EZ) to the IRS. The IRS sends Form 5498-EZ automatically. A. If the trustee does not fill out the W-9 and/or Form 5498 at the time that the trust is filed with the IRS, the trust's trust agreements or Form 5498-EZ(S) will be revoked and the trustee will forfeit any interest in the trust funds. The assets of the trust will be held in an unsecured account at the Arizona Department of Revenue (FOR). The FOR will hold the trust account for the duration of the trustee's term of office and any term of the qualified trust. D. If the trustee does not file the W-9 and/or Form 5498-EZ (S) by the due date (April 15), all the trustee's tax-exempt interest in the trust would be transferred and the trustee must pay the IRS an interest on the trust fund. E.  An executor of a trust would be required to use Form 4562 at the time of the trust's estate or trust taxes. If a Trustee of a QFT Elects to Be Taxed as a Qualified Funeral Trust Before a QFT can be taxed as a trust, it must have elected to be taxed as a QFT for federal income tax purposes. The election will be made on a Form 1041-QFT for Qualified Estate and Trusts. This form, if completed, will be filed with the trust or an estate or trust agreement when the trust is filed with the IRS.
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