Fiduciary Estate and Trust Tax Return Organizer for 2016

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Gervase Austin
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1 Fiduciary Estate and Trust Tax Return Organizer for 2016 This organizer is meant to help you gather the information used to prepare your fiduciary income tax return. Please fill in as completely as possible and bring the following information to your appointment: 1. A copy of the Will or Trust document. 2. If this is the first year Rawlings Tax Services will be completing your return, please bring any previous tax returns (Form 1041 US Tax Return for Estates and Trusts or Form Estates). 3. All statements of income (1099 s, K-1 s and all other income statements issued to the estate or trust or to the decedent). 4. Please bring any gifting that was done previous to decedents death (Form 709 Gifts) Estate/Trust: Name EIN Address: Mailing Address Apt. # City State Zip Code Fiduciary Contact Name: Home #: Work #: Address: Mailing Address Apt. # City State Zip Code Filing Information Please check Yes or No to ALL of the following questions for 2016 only. YES NO Is this return for an Estate? If yes, please provide the following: Decedent s date of death: Decedent s Social Security #: Is this return for a Trust? If yes, please provide the following information: Date Trust was created: Circle type of Trust: Complex, Grantor, Other Is this a qualified revocable trust filing an original return that wishes to make a 645 Election to be taxed as an estate? (This election allows the trust to be treated and taxed (for income tax purposes) as part of its related estate during the election period. Once this election is made, it cannot be revoked.) Did the estate or trust receive tax-exempt income? Is yes, please provide sources and amounts at the time of your appointment. Did the estate or trust receive all or any part of the earnings of a person? Is yes, please provide sources and amounts at the time of your appointment. Did the estate or trust receive or pay seller-financed mortgage? Is yes, please provide all statements at the time of your appointment. Did the estate or trust receive income from a self-employed small business? If yes, please complete the Self-employment Organizer on our website at Did the estate or trust receive income from a rental real estate? If yes, please complete the Rental Property Organizer on our website at Did the estate or trust receive income from a partnership, s-corporation, trust or estate? If yes, please provide a K-1 for each entity that issued income. Did the estate or trust receive income from an installment sale? Is yes, please provide sources and amounts at the time of your appointment. Did the estate or trust receive income from the sale of stock or bonds? If yes, please complete the Sale of Stock Organizer on our website at Rawlings Tax Services 2017 Page 1

2 Please check Yes or No to ALL of the following questions for 2016 only. YES NO Did the estate or trust set aside or allocate charitable contributions? Did the estate or trust receive income from interest or dividends? If yes, please complete the interest and dividends section on Page 3. Did the estate or trust receive income from any state other than Minnesota? If yes, name the state and describe the income and please provide all statements at the time of your appointment. Did the estate or trust sell any property? If yes, please complete the property sale section on Page 3. Did the estate or trust make any estimated quarterly tax payments or have your refund from 2013 applied to 2014 taxes? If yes, please fill out estimated tax payments on Page 3. Has the decedent s estate been open for more than 2 years? If so, please explain the delay in closing the estate: Are there expenses for the tax year 2016? If so, fill out the expense portion on Page 4. Beneficiary Information Beneficiary s Full Name Social Security Number Address Share of Income, Deductions, etc. Rawlings Tax Services 2017 Page 2

3 Distributions of Money or Property to beneficiaries during 2016 Please describe the amount and type of distributions Income required to be distributed during the year $ Other amounts paid, credited or otherwise required to be distributed $ Use this space to provide additional information about distributions made to beneficiaries and please bring all related information along to your appointment. Estimated Tax Payments fill in only if you made estimated payments Refund applied to 2016 from 2015 refund 1 st Qtr payment due April 15, nd Qtr payment due June 15, rd Qtr payment due Sept 15, 2016 Federal $ State $ Sale of stock, home, land, automobiles and other property 4 th Qtr payment due Jan 15, 2017 Please bring all year end statements, closing papers or any proof of sale to your appointment. Description of property sold Date Purchased Purchase Price Date Sold Sales Price Interest and Dividend Income Worksheet Please provide all copies of 1099-DIV and 1099-NT Please enter total payments for each payer of interest or dividends If you are receiving interest payments under a seller financed mortgage, we need the name, address, SSN of the person making payments to you and documentation of agreement Please enter the separate total for each payer of interest or dividends. Yes No Does the estate or trust have control or ownership of a bank account in a foreign country? If yes, what was the maximum value of the foreign accounts during the year? Do you wish to nominee any interest to a secondary account holder? If yes, to whom? Name of bank or payer of interest Interest Received Name of payer of dividends Dividends Received Rawlings Tax Services 2017 Page 3

4 Expenses Accounting $ Legal and professional fees $ Attorney fees $ Rent or lease (autos, machinery, etc) $ Fiduciary fees $ Rent (office, lease, storage) $ Tax preparer $ Repairs and maintenance $ Investment interest $ Safe deposit box $ Investment advisory fees $ Internet service $ Property maintenance expenses $ Cell phone: 100% of fees $ Business use % $ Telephone expense (Do not include cost of main home phone line) Interest paid for by estate on qualified residence Mortgage interest paid to banks, etc $ Parking & tolls $ Other interest $ Wages (W2 s that must be issued) $ Office expenses $ Professional continuing education $ Pension and profit sharing plans $ Professional subscriptions $ Other expenses (list): % $ Please read and sign and return the Fiduciary Engagement Letter found on Pages 5 & 6 Rawlings Tax Services 2017 Page 4

5 Fiduciary Engagement Letter This letter is to confirm and specify the terms of my engagement with you (the fiduciary) and to clarify the nature and extent of the services I will provide. In order to ensure an understanding of our mutual responsibilities, I ask all clients for whom returns are prepared to confirm the following arrangements: I will prepare your 2016 Estate or Trust income tax returns for the fiduciary. I will not audit or otherwise verify the data you submit, although it may be necessary to ask you to provide clarification of some of the information. I will furnish you with questionnaires and/or documents requesting specific information. Completing these forms will assist me in making sure you are well served for a reasonable fee. You represent that the information you are supplying to me is accurate and complete to the best of your knowledge and that you have disclosed to me all relevant facts affecting your returns. It is your responsibility to provide all the information required for the preparation of complete and accurate returns. You should retain all the documents, cancelled checks and other data that form the basis of income and deductions. These may be necessary to prove the accuracy and completeness of the returns to a taxing authority. You have the final responsibility for the income tax returns and, therefore, you should review them carefully before you sign them. My work in connection with the preparation of your income tax returns does not include any procedures designed to discover defalcations or other irregularities, should any exist. I will render such accounting and bookkeeping assistance as determined to be necessary for preparation of the income tax returns. Any accounting and/or bookkeeping assistance is provided at an additional cost. The Internal Revenue Code and regulations impose preparation and disclosure standards with noncompliance penalties on both the preparer of a tax return and on the taxpayers. To avoid exposure to these penalties, it may be necessary in some cases to make certain disclosures to you and /or in the tax return concerning positions taken on the return that do not meet these standards. Accordingly, I will discuss tax positions that may increase the risk of exposure to penalties and any recommended disclosures with you before completing the preparation of the return. If I concluded that I am obligated to disclose a position and you refuse to permit the disclosure, I reserve the right to withdraw from the engagement and you agree to compensate me for my services to the date of withdrawal. My engagement with you will terminate upon my withdrawal. The IRS permits you to authorize me to discuss, on a limited basis, aspects of your return for one year after the return s due date. Your consent to such a discussion is evidenced by checking a box on the return. Unless you tell me otherwise, I will check that box authorizing the IRS to discuss your return with me. Your returns may be selected for review by the taxing authorities. In the event of an audit, you may be requested to produce documents, records, or other evidence to substantiate the items of income and deduction shown on the tax return. Any proposed adjustments by the examining agent are subject to certain rights of appeal. In the event of a tax examination, I will be available, upon request, to represent you via phone conversations and/or a onetime appearance in front of the taxing authority. However, such additional services are not included in the fees for the preparation of these tax returns. Rawlings Tax Services 2017 Page 5

6 My fees for tax services will be based in part upon the amount of time required at our standard billing rates for the personnel working on the engagement. All invoices are due and payable upon presentation. Your tax returns will not be released nor filed until the amount billed for my services is fully satisfied. If the foregoing fairly sets forth your understanding of my tax engagement, please sign this letter in the space below and return it to my office when you bring in your tax information or for your appointment. If there are other tax returns you expect me to prepare, such as individual, gift and/or property, please inform me by noting so below your signature or on the back of this engagement letter. Thank you for the opportunity to serve you! I value the trust you place in me and if you have any questions, please don t hesitate to ask. Respectfully, Rawlings Tax Services AGREED TO AND ACCEPTED BY FIDUCIARY: Print Name: Date: Signature: Rawlings Tax Services 2017 Page 6

Organizer for Fiduciary Estate and Trust Tax Returns. Name Address: Mailing Address Suite # City State Zip Code

Organizer for Fiduciary Estate and Trust Tax Returns Estate/Trust: EIN Name Address: Mailing Address Suite # City State Zip Code Fiduciary contact name: Email: Contact Phones: (Office) (Home) (Mobile)