Estate and Trust Tax Returns in New York

CPA New York State

What Are Estate and Trust Tax Returns?

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IRS Form 1041 – U.S. Income Tax Return for Estates and Trusts

Form 1041 is the fiduciary tax return required for estates and trusts that generate income during administration. It reports all taxable income, deductions, capital gains, and distributions to beneficiaries.

New York IT-205 – Fiduciary Income Tax Return

New York State requires estates and trusts that have income from NY sources or resident status to file Form IT-205. GTA Accounting Group ensures accurate dual filing across federal and state.

When Are Returns Due?

Fiduciary tax returns are generally due April 15 for calendar-year estates and trusts. We help you plan ahead, file timely, and avoid interest or penalties.

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Why Choose GTA Accounting Group for Estate and Trust Tax Returns

At GTA Accounting Group, we support fiduciaries, executors, trustees, attorneys, and families with:

IRS Form 1041 and NY IT-205 preparation
✅ Generation of Schedule K-1s for beneficiaries
State and federal tax coordination
Post-death income reporting and capital gains
Year-round tax advisory and audit support

Every estate and trust situation is unique. We offer a free consultation and no-obligation estimate to help you understand your filing needs.

Estates with Income After Date of Death

If an estate earns over $600 of gross income after a decedent’s passing, the executor must file Form 1041.

Trusts Holding Income-Producing Assets

Trustees of revocable or irrevocable trusts must file when trust income exceeds the IRS threshold. This includes rental properties, dividends, or capital gains.

Multi-Beneficiary Situations

Where multiple beneficiaries exist, K-1s must be generated and distributed. GTA ensures each beneficiary receives their correct allocation.

Who Needs to File an Estate or Trust Tax Return?

Key Components of Estate and Trust Tax Filings

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Need a CPA in New York? Choose GTA Accounting Group.

We take pride in the positive feedback we receive from our clients. Here’s what some of them have to say:

"GTA Accounting Group helped us navigate a complex tax situation with ease and professionalism. Their expertise saved us thousands of dollars and gave us peace of mind."

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"The team at GTA Accounting Group is incredibly knowledgeable and responsive. They provided clear guidance and support throughout the entire tax season."

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Working Together for Seamless Estate and Trust Tax Returns

Effective estate and trust management often requires collaboration between various professionals, including accountants, estate planning attorneys, financial advisors, and tax consultants. This collaboration ensures that all aspects of an estate or trust are handled with a comprehensive and coordinated approach. By working together, these professionals can address the unique complexities of each case, providing a seamless experience for the client.

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Frequently Asked Questions (FAQ)

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Estate and Trust Tax Return Services in New York

What Are Estate and Trust Tax Returns?

IRS Form 1041 – U.S. Income Tax Return for Estates and Trusts