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Form W-8BEN Arizona: What You Should Know

Form 1041, T1021.11(1).11(v) Line 31 — Enter the beneficiary's share of federal, state and local income and replacement tax, surcharge, and PTE tax deducted in arriving at state taxable income and federal taxable income on the Illinois Trusts Income and Replacement Tax Schedule K-1 (Form 1041-T). See IRS Publication 587, The Form 1040-A. Note: If the IRS determines that your gross income of the estate falls below the federal level, the estate or trust may file Form 1099-R for the return of overpayments. Do not include any overpayment amount on Form 1040, U.S. Individual Income Tax. Sep 3, 2023 — If a federal income tax return has been filed by the decedent's estate or trust, and all other requirements for filing the return on your own are fulfilled, you may file an Illinois State Income Tax Return using your IRS Form 982, 982-EZ, 982G, 982-Q, 982-SF, or 982X, your Illinois tax return, and any statement it may contain of the gross income and deductions from the gross estate and estate expenses and taxes paid from the gross estate. This also applies if any income distribution amount is required to be reported on your U.S. Individual Income Tax Return. Sep 4, 2023 — A qualified beneficiary's share of income, deductions, and credits on the Trusts and Estates, as provided by the Trusts Form 1041, would be reduced by the total of the beneficiary's federal income tax and non-refundable Illinois state income tax, and/or any tax deferred by the beneficiary on the Trust, which are not refundable, if the Trust will have a basis of 1,000,000 or more. Note: If the Trust will have a basis less than 1,000,000, then both federal and Illinois state tax will be refunded. See Illinois Tax Withholding Instructions for Beneficiaries and Forms 902 and 982 for more information. Sep 5, 2023 — All federal, state, and local tax on income, or on property or income derived from a qualified trust, must be included in gross income reported on your Illinois individual tax return. For more information on the state and federal tax consequences of the qualified beneficiary distribution on the Trusts, see Form 1040-A.

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