Form 8855 Memphis Tennessee 2020-2025

Form 8855 Memphis Tennessee: What You Should Know

To qualify for the election, an ART must meet certain other specified criteria. These criteria could include: — the trust must hold and distribute capital assets — the trustee must have custody of all assets held in the trust — the trust must have an income-producing capacity that would be likely to provide substantial income or other income throughout its lifetime — and the trust must have the same type of income as an individual who is not the spouse of the trust at its most recent return filed for that year. — If you are filing a trust tax election to treat an ART as an estate, the trust or a person designated by it must file a notice of the election with the IRS, file Form 8453, and pay income taxes based on that election. You also may be required to file a Form 8958, which is a trust tax return form for trust election filers that was introduced in April 2012. Form 8855 (Rev. December 2020). Election To Treat a Qualified Revocable Trust as an Estate. Department of the Treasury. Internal Revenue Service. About Form 8855, Election to Treat a Qualified Revocable August 26, 2025 — Form 8855 is used to make the section 645 election, which election allows a qualified revocable trust (ART) to be treated in full as an estate. The election cannot be revoked. What You Need to Know About IRS Form 8855 — No Required Payment The election must be filed by September 1, 2025 (Rev. December 2020). Payment of any required tax payment will follow if the election is made. The IRS may begin to collect trust tax as soon as the election is submitted. Your state is responsible for collecting and remitting tax on the trust tax and any return taxes owed. How It Works All trust income must be treated as estate income. All trust income is treated in the same manner as regular income in which you are the sole beneficiary. If an ART is part of an estate, payments are taxable to the surviving beneficiaries. The Trust An ART is a type of “estate tax treatment” for your trust's income. An ART is a “trust income provision.” ART provisions are special tax provisions that allow a trust to be taxed as an “estate” and treated at the same rate as an individual's estate. ART provisions give you significant flexibility in how to treat your trust tax affairs.

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