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3b Number, street, and room or suite no. (If a P.O. box, see the instructions.)
3c City or town, state, and ZIP code 4 Number of QFTs included on this return
1a Interest income 1a
b Tax-exempt interest. Do not include on line 1a 1b
Income
7 Trustee fees
8 Attorney, accountant, and return preparer fees 8
9 Other deductions not subject to the 2% floor 9
10 Allowable miscellaneous itemized deductions subject to the 2% floor 10
Paid
Preparer’s
Preparer’s
signature 䊳 Date
Check if self-
employed 䊳
Preparer’s SSN or PTIN
䊳
Firm’s name (or EIN
Use Only yours if self-employed),
address, and ZIP code Phone no. ( )
For Privacy Act and Paperwork Reduction Act Notice, see page 4. Cat. No. 25368F Form 1041-QFT (2005)
3
I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING
INSTRUCTIONS TO PRINTERS
FORM 1041-QFT, PAGE 2 of 4 PRINTS: HEAD TO HEAD
MARGINS: TOP 13 mm (1⁄2 "), CENTER SIDES. INK: BLACK
PAPER: WHITE WRITING, SUB. 20.
FLAT SIZE: 432 mm (17") 279 mm (11"); FOLD TO: 216 mm (81⁄2 ") 279 mm (11")
PERFORATE: ON FOLD
DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT
General Instructions income is determined in accordance with the ● The Secretary determines that treating the
beneficiary’s interest in the trust. A beneficiary’s persons as related is necessary to prevent
Section references are to the Internal interest in a trust may be determined under any avoidance of this section.
Revenue Code. reasonable method.
Whenever these instructions refer to a trust
Making the Election
What’s New
or QFT, it includes such separate interests The trustee makes the election to treat a trust
Beginning in 2006, a trust will use revised that are treated as separate QFTs. as a QFT by filing Form 1041-QFT for the
Form 7004, Application for Automatic trust by the due date (including extensions).
6-Month Extension of Time To File Certain Contribution Limit You may elect QFT status for a trust’s first
Business Income Tax, Information, and Other
How to determine your contribution limit. eligible year or for any subsequent year. Once
Returns, to request an automatic 6-month
The contribution limit is determined by the made, the election may not be revoked
extension. The Form 7004 (December 2005)
year the purchaser entered into the contract without the consent of the IRS.
will replace Form 8736, Application for
for funeral or burial goods and services and
Automatic Extension of Time To File U.S. Composite Return
does not change over the life of the trust. Use
Return for a Partnership, REMIC, or for
the table below to determine the contribution A trustee may file a single, composite
Certain Trusts, and Form 8800, Application
limit for each QFT. Form 1041-QFT for some or all QFTs of
for Additional Extension of Time To File U.S.
Return for a Partnership, REMIC, or for which he or she is the trustee, including QFTs
For contracts The contribution limit that had a short tax year.
Certain Trusts. entered into in . . . is . . .
You must attach a schedule to a composite
Purpose of Form 1998 and before $7,000 Form 1041-QFT that includes the following
The trustee of a trust that has elected to be 1999 7,100 information for each QFT (or separate interest
taxed as a qualified funeral trust (QFT) files 2000 7,200 treated as a separate QFT):
Form 1041-QFT to report the income, 2001 7,500 ● The name of the owner or the beneficiary.
deductions, gains, losses, etc., and income 2002 7,700 If you list the name of the owner and that
tax liability of the QFT. The trustee can use 2003 7,800 trust has more than one beneficiary, you must
the form to file for a single QFT or for multiple 2004 8,000
separate the trust into shares held by the
QFTs having the same trustee, following the separate beneficiaries;
2005 8,200
rules discussed under Composite Return on ● The type and gross amount of each type of
this page. income earned by the QFT for the tax year.
How to determine if a trust meets the
Pre-need funeral trusts that do not qualify For capital gains, identify separately the
contribution limit. A trust meets the
as QFTs should see the instructions for amount of (a) net short-term capital gain,
contribution limit if:
Form 1041, U.S. Income Tax Return for (b) net long-term capital gain, (c) 28% rate
Estates and Trusts, for their filing ● Existing contributions do not exceed the gain, and (d) unrecaptured section 1250 gain;
contribution limit, and
requirements. ● The type and amount of each deduction
● The trust, over its life, does not expect to and credit allocable to the QFT;
Qualified Funeral Trust receive future contributions that exceed the
contribution limit. ● The tax and payments made for each QFT;
A QFT is a domestic trust that meets all of and
the following requirements: Projections for future contributions are
based on: ● The termination date for each QFT that was
● It arose as a result of a contract with a terminated during the year.
person engaged in the trade or business of ● Existing contributions,
providing funeral or burial services or property ● Applicable state law trust contribution When To File
to provide such services. requirements, and File Form 1041-QFT on or before April 17,
● The sole purpose of the trust is to hold, ● Any expected contributions in excess of 2006. The due date for a composite return is
invest, and reinvest funds in the trust and to state law requirements. also April 17, 2006, even if the return includes
use those funds solely to pay for funeral or QFTs that terminated during the year. If you
burial services or property to provide such When to determine if the trust meets the
contribution limit. Make the determination at are filing for a short year, file Form 1041-QFT
services for the benefit of the beneficiaries of by the 15th day of the 4th month following
the trust. the inception of the trust and again if the
projected amount for future contributions the close of the short year. If the due date
● The only beneficiaries are individuals for changes. falls on a Saturday, Sunday, or a legal
whom such services or property are to be holiday, file by the next business day.
provided at their death under the contracts Losing QFT status. A trust loses its QFT
described above. status at the time it exceeds or is projected Private Delivery Services
to exceed its contribution limit.
● The aggregate contributions to the trust on You can use certain private delivery services
behalf of any single beneficiary do not exceed Multiple beneficiaries. If a QFT has multiple designated by the IRS to meet the “timely
the Contribution Limit and are made by or for beneficiaries, the contribution limit applies mailing as timely filing/paying” rules for tax
the beneficiaries’ benefit. separately to each beneficiary. Each returns and payments. These private delivery
beneficiary’s share of the total contributions services include only the following.
● The trustee makes or previously had made
to a trust is determined by the beneficiary’s
the election to treat the trust as a QFT.
interest in the trust. A beneficiary’s interest in ● DHL Express (DHL): DHL Same Day
● The trust would have been treated as a trust may be determined under any Service, DHL Next Day 10:30 am, DHL Next
owned by the purchasers of the contracts reasonable method. Day 12:00 pm, DHL Next Day 3:00 pm, and
under the grantor trust provisions of the Code DHL 2nd Day Service.
if the QFT election had not been made. Related trustees and the contribution limit.
A beneficiary’s share of contributions made to ● Federal Express (FedEx): FedEx Priority
Note: A trust that is not treated as owned by all trusts that have trustees that are related Overnight, FedEx Standard Overnight, FedEx
the purchaser solely because of the death of persons will be aggregated for purposes of 2Day, FedEx International Priority, and FedEx
an individual will be treated as meeting this testing the contribution limit. Trustees will be International First.
requirement during the 60-day period considered related if: ● United Parcel Service (UPS): UPS Next Day
beginning on the date of that individual’s Air, UPS Next Day Air Saver, UPS 2nd Day
death. ● The relationship is described in section 267
or 707(b), Air, UPS 2nd Day Air A.M., UPS Worldwide
If a QFT has multiple beneficiaries, each Express Plus, and UPS Worldwide Express.
beneficiary’s separate interest under a ● The persons are treated as a single
contract is treated as a separate QFT for the employer under subsection (a) or (b) of
section 52, or The private delivery service can tell you
purpose of figuring the tax and filing this how to get written proof of the mailing date.
return. Each beneficiary’s share of the trust’s
3
I.R.S. SPECIFICATIONS TO BE REMOVED BEFORE PRINTING
INSTRUCTIONS TO PRINTERS
FORM 1041-QFT, PAGE 3 of 4 PRINTS: HEAD TO HEAD
MARGINS: TOP 13 mm (1⁄2 "), CENTER SIDES. INK: BLACK
PAPER: WHITE WRITING, SUB. 20.
FLAT SIZE: 432 mm (17") 279 mm (11"); FOLD TO: 216 mm (81⁄2 ") 279 mm (11")
PERFORATE: ON FOLD
DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT