Estates and Trusts Returns
The federal taxable income of the fiduciary is the
starting point for preparing a North Carolina Income Tax Return
for Estates and Trusts, Form D-407, and requires the same additions,
deductions, and transitional adjustments to income
as required for individuals.
The fiduciary responsible for administering the estate or trust
is responsible for filing the return and paying the tax. The fiduciary
must file an income tax return for the estate or trust for which
he acts if he is required to file a federal return for estates
and trusts and (1) the estate or trust derives income from North
Carolina sources or (2) the estate or trust derives any income
which is for the benefit of a resident of North Carolina.
The return is required to be filed on or before April 15 if on
a calendar year basis and on or before the 15th day of the fourth
month following the end of the fiscal year if on a fiscal year
Fiduciaries should be consistent in the use of the name and address
of an estate or trust on a return. If a different name for an
estate or trust is used in any year from that used in a prior
year, that fact should be noted on the first page of the return
and the name used in the prior year indicated. The use of numbers
assigned by banks to trusts is also helpful in the processing
of trust returns after they are filed.
Last modified on:
01/03/13 03:45:51 PM.