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This document is used for filing fiduciary income tax returns in Illinois for the year 2002, detailing the income, losses, and taxes owed by trusts and estates.
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How to fill out 2002 form il-1041
How to fill out 2002 Form IL-1041
01
Gather all necessary financial documents related to the trust or estate funds.
02
Download the 2002 Form IL-1041 from the Illinois Department of Revenue website.
03
Fill in the name and address of the trust or estate at the top of the form.
04
Enter the Federal Employer Identification Number (FEIN) of the trust or estate.
05
Report the income and deductions on the appropriate lines in the income and deductions sections of the form.
06
Ensure to include details of any distributions made to beneficiaries during the tax year.
07
Calculate the net income or loss on the form, and ensure all calculations are accurate.
08
Complete the signature section at the end of the form, ensuring it is signed and dated by the responsible party.
09
Make a copy of the completed form for your records.
10
Mail the form to the appropriate address specified in the instructions for Form IL-1041.
Who needs 2002 Form IL-1041?
01
Trusts and estates that have taxable income in Illinois are required to file Form IL-1041.
02
Fiduciaries managing trusts or estates that need to report income, deductions, and distribution of income to beneficiaries must file this form.
03
Individuals or entities that have received income from an estate or trust and need to report it for state tax purposes.
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People Also Ask about
What is the income tax rate for trusts in Illinois?
See our Pass-through Entity Information (Publication 129) web page for more information. Trusts and estates pay 4.95 percent (. 0495) income tax. Trusts also pay replacement tax of 1.5 percent (.
What is the IRS tax rate on trust income?
Federal trust income tax rates for 2024 are: For trust income between $0 to $3,100: 10% of income over $0. For trust income between $3,100 to $11,150: 24% of the amount over $3,100. For trust income between $11,150 to $15,200: 35% of the income over $11,150.
At what income does the 3.8 surtax kick in?
The threshold is $250,000 for joint filers, $125,000 for married filing separately, and $200,000 for all other filers. Net investment income includes the following items of income reduced by applicable expenses: interest, dividends, capital gains, annuities, royalties, and passive rental and business income.
Who must file IL-1041?
Form IL-1041 is required for any estate or trust that has Illinois-sourced income or is considered a resident trust under state law.
How is money in a trust taxed?
Funds received from a trust are subject to different taxation rules than funds from ordinary investment accounts. Trust beneficiaries must pay taxes on income and other distributions from a trust. Trust beneficiaries don't have to pay taxes on principal from the trust's assets.
What is the tax rate for trusts in Illinois?
¶15-225, Estates and Trusts--Rates of Tax The Illinois income tax rate on estates and trusts is 4.95%,. Register for a complimentary trial to unlock this document, plus gain access to so much more, including: Expert insights into the industry's hottest topics. Explanations and guidance on recent tax law changes.
Who must file form 1041?
The fiduciary of a domestic decedent's estate, trust, or bankruptcy estate files Form 1041 to report: The income, deductions, gains, losses, etc. of the estate or trust.
Can an IL-1041 be filed electronically?
What are the electronic options for filing and paying business income and replacement tax? You can electronically file Form IL-1041, Fiduciary Income and Replacement Tax Return, and any attachments and payments through our partnership with the IRS Modernized e-File (MeF) program using third-party software.
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What is 2002 Form IL-1041?
2002 Form IL-1041 is the income tax return form used in Illinois for estates and trusts.
Who is required to file 2002 Form IL-1041?
Estates and trusts with gross income of more than the filing threshold or that have taxable income are required to file Form IL-1041.
How to fill out 2002 Form IL-1041?
To fill out Form IL-1041, gather all financial information regarding income, deductions, and credits for the estate or trust, complete the form step by step following the instructions provided, and then submit it to the Illinois Department of Revenue.
What is the purpose of 2002 Form IL-1041?
The purpose of Form IL-1041 is to report income, deductions, and tax liabilities of an estate or trust for tax purposes in Illinois.
What information must be reported on 2002 Form IL-1041?
Form IL-1041 requires reporting of the estate or trust's income, deductions, tax credits, and any distributions made to beneficiaries.
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