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FAQ

Are executor fees taxable in California?
Executor fees are considered as taxable income in California. If the executor is themselves a beneficiary of the estate, they may prefer to forego the rights to the executor fees to avoid the tax.
Can you deduct fiduciary fees?
In addition, fiduciary fees, accounting fees, legal fees, and tax return preparation fees have been recognized as fully deductible by trusts and estates.
Does Kentucky have a pass through entity tax?
INCOME TAX. PROPRIETORSHIPS AND PASS-THRU ENTITIES Corporate partners involved with a pass-through entity doing business in Kentucky are taxed on the distributive share of the pass-through entities' income.
What is a pass-through entity in KY?
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Are distributions to beneficiaries taxable?
Beneficiaries of a trust typically pay taxes on distributions they receive from the trust's income. However, they are not subject to taxes on distributions from the trust's principal.
Is executor fee taxable in PA?
Executor's fees are allowed as deductions on a Pennsylvania Inheritance Tax Return and on a Federal Estate Tax Return. Excessive compensation might be challenged by the taxing authorities.
What is a Form 741?
NRC Form 741 - Nuclear Materials Transaction Report.
Is fiduciary fee taxable?
Fiduciary fees collected from an estate or from any other source must be claimed as income for tax purposes.
How are fiduciary fees taxed?
Ordinarily, a fiduciary only declares income and pays taxes on fees when they are collected from the estate. If the estate pays estimated taxes in the interim, however, the fiduciary collects fees to the date of filing and declares them with other estimated taxes or on the fiduciary's next annual income tax return.
Do I need to file a trust tax return?
Q. Do trusts have a requirement to file federal income tax returns? A. Trusts must file a Form 1041, U.S. Income Tax Return for Estates and Trusts, for each taxable year where the trust has $600 in income or the trust has a non-resident alien as a beneficiary.
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