New Mexico Form 1041-QFT 2024-2025

New Mexico Form 1041-QFT: What You Should Know

Form 1041-QFT is filed by the Qualified Funeral Trusts (QFT) and the Trustees of Trusts (Tests) in respect to an individual's estate, a trust created with a beneficiary and a beneficiary's tax return. See the section “Titles and Units” for more information. This Form is for persons other than the individual (including a beneficiary); and Form 1041-QFT (other than Form 1041-QFT-R) is filed with respect to a person for a tax year if the person did at least 1 of the following during the tax year: a) Filed a Form 1041-R and paid the appropriate amount; b) Filed a Form 1041-R and had to pay the appropriate amount; c) Made a substantial gift to a qualifying endowment, trust, or funeral establishment; and d) Made a charitable or public policy contribution to a qualified charitable organization during the tax year. Taxation. Tax is due on the individual's net income or a trust's net income, whichever is greater. When an estate has transferred property, income tax liability arises on income earned before the transfer. In addition, tax is due on a trust's gross estate, if any, plus the trust's net income. If a gift is made to a qualified endowment, trust, or funeral establishment, and an amount is not recognized on the individual's tax return for the tax year, the amount is generally deductible against income tax by the trust. If property was not gifted, that amount must be recognized on the trust's tax return. When a trust does not make a significant charitable or public policy contribution to any qualified organization, the amount is generally considered a gift to a person (individual or organization) and is deductible against income tax by that person as charitable contributions to qualified organizations. A significant gift is defined as the gift to a qualified organization of 50 percent or more of an amount so defined, but excludes gifts to an organization that is organized only for religious, charitable, or scientific purposes (regardless of whether the organization has made a charitable contribution), a library, a veterans' home, or a fraternal organization in connection with a recognized ceremony of birth, marriage, or adoption. A qualified charity's income tax deduction is limited (to 40 percent of the fair market value of the property) if it does not spend any of its gross income on charitable purposes.

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