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Contra Costa California Form 1041-QFT: What You Should Know
The U.S. IRS allows the Trust to report the same information as a QFT. The IRS has revised its instructions for this form as of November 10th, 2016. If you are a trust with an elected QFT tax treatment, you should check out the 2024 version of the Form 541-QFT instructions from the IRS. The 2024 version did not make changes for QFT trusts. If you are a QFT trust, you should check out the 2024 Form 541-QFT instructions from the IRS. If you are a trust that does not choose an elected tax treatment on income information reported on Form 1040 (or a non-U. S. person who is not a U.S. resident) the form is not required. Learn more about the Tax Planning Strategies to Use with a Qualified Funeral Trust here Form 609 — Application for Certificate of Eligibility for Retirement Plans The Trust may be required to file Form 609 for the Trust to be eligible to participate in a 401(k), 403(b) or profit-sharing plan, and/or any similar retirement plan established after the Trust's qualification, if it desires to benefit from the benefits, tax benefits and/or protections afforded to such plans. The Trust should use the form if it will be eligible to participate in such plans. Check the “Plan Sponsor” column to determine if a plan is being established. You will have to file Form 609 with the Secretary of State, not the trustee. If your plan is being established after the Trust date, do not include a Form 609 filing schedule with the Trusts financial statements until the plan qualification is complete. Include proof on Form 609 if the Trust will be providing services to a retirement plan. This proof includes an IRS “Pension Division” letter signed by a financial advisor and an IRS letter with the Trust's signature (see below) indicating that it is eligible to participate in a retirement plan. The Trust Form 609 is available for filing the first time when the qualifying date for participation in a retirement plan is December 31st, 2024 and later, on Form 4050-S with “Franchise Income Tax” in the last column. If the Trust has been providing services to a retirement benefit plan for the previous calendar year, it should include Form 609 with the Trust's 2024 financial statements that are due no later than the beginning of the taxable year for which the Trust filed the financial statements.
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