IRC section 6012 requires that an
annual income tax return be filed for estates and trusts. Data is
used to determine that the estates, trusts, and beneficiaries file
the proper returns and paid the correct tax. The various schedules
(Schedule D, I, J, and K-I) are used in the collection of
information under the various authorizing statutes seen below
(Legal Statutes). The worksheets are used to figure various taxes
and deductions. Form 1041-V allows the Internal Revenue Service
(IRS) to process the payment more accurately and efficiently. The
IRS strongly encourages the use of Form 1041-V, but there is no
penalty if it is not used.
US Code:
26
USC 662 Name of Law: Inclusion of amounts in gross income of
beneficiaries of estates and trusts accumulating income or d
US Code: 26
USC 55(a) Name of Law: Alternative Minimum Tax Imposed
US Code: 26
USC 643(g) Name of Law: Definitions applicable to subparts A,
B, C, and D; Certain payments of estimated tax treated as pai
US Code: 26
USC 666 Name of Law: Accumulation distribution allocated to
preceding years
US Code: 26
USC 677 Name of Law: Income for benefit of grantor
US Code: 26
USC 679 Name of Law: Foreign trusts having one or more United
States beneficiaries
US Code: 26
USC 6654 Name of Law: Failure by individual to pay estimated
income tax; Addition to the Tax
PL:
Pub.L. 115 - 97 14103 Name of Law: Tax Cuts and Jobs Act
US Code: 26
USC 652 Name of Law: Inclusion of amounts in gross income of
beneficiaries of trusts distributing current income only
US Code: 26
USC 6012 Name of Law: Persons required to make returns of
income
US Code: 26
USC 641 Name of Law: Imposition of tax
US Code: 26
USC 671 Name of Law: Trust income, deductions, and credits
attributable to grantors and others as substantial owners
US Code: 26 USC
59 Name of Law: Other definitions and special rules
The number of responses changed
based on current filing data. This increases the number of
responses by 843,523 and the burden hours by 14,711,597 due to
Agency Estimate. Form 1041 was updated to remove obsolete credits,
added a new elective payment election, and separate checkboxes and
sublines for clarity. The “Mortgage Insurance Premiums Deduction
Worksheet” and the “FAQs for PL 115-97 Section 14103” information
collections are obsolete and were removed from the submission. This
decreases the responses by 5,123 and increases the burden hours by
8,695,920 due to Agency Discretion.
$795,566
No
Yes
Yes
No
No
No
No
Trene Cheek 240 613-5701
trene.d.cheek@irs.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.