What IRS Form 1041-A (2024) Is For

IRS Form 1041-A (2024) is an information return used to report income and charitable deductions required under the Internal Revenue Code. Trustees must use this form to report income distributions, charitable amounts, and deductions under section 642(c). Filing this form helps ensure compliance with Internal Revenue Service (IRS) requirements for charitable trusts and related tax rules.

Trustees are required to file Form 1041-A for any trust claiming charitable deductions unless the trust meets an exception, such as a simple trust, a charitable remainder trust, or a charitable lead annuity trust. This filing is separate from Form 1041, which reports gross income, capital gains, rental income, and taxable income for income tax payment purposes.

When You’d Use Form 1041-A for 2024 (Late or Amended Filing)

Trustees must file Form 1041-A for 2024 if the trust failed to file by the original due date, which is the 15th day of the fourth month following the end of the tax year. A late or amended filing may also be required if trustees discover errors involving charitable purposes, charitable deductions, or reported income.

The IRS may assess a $10-per-day penalty, up to a maximum of $5,000 per trust and trustee, unless there is reasonable cause for the failure. Trustees can request penalty relief by explaining circumstances such as illness, natural disasters, or administrative delays involving the donor’s estate, the estate executor, or other unavoidable issues.

Key Rules Specific to 2024

• ESBT exemption: Electing small business trusts remain exempt from Form 1041-A filing under section 6034 of the Internal Revenue Code.
  
  
• Split-interest trusts: Charitable lead unitrusts and other section 4947(a)(2) split-interest trusts must file Form 5227 instead of Form 1041-A.
  
  
• Due date: The due date for calendar year trusts is April 15, 2025.
  
  
• Penalty structure: The penalty for failing to file is $10 per day, up to a maximum of $5,000 per trust and trustee per year.
  
  
• Form requirements: Trustees must report all income earned, charitable amounts, and assets held, including interest, dividends, and property transactions.

Trustees should keep accurate records of mutual funds, savings accounts, and other assets to ensure compliance with tax laws. Proper documentation supports the calculation of tax deductions, tax benefits, and tax credits related to charitable distributions.

Step-by-Step (High Level)

• Gather documentation: Trustees must collect trust records, income distributions, charitable receipts, and prior tax returns before filing the return.
  
  
• Use the correct form year: Trustees must file the 2024 version of Form 1041-A, even if submitting the return late or as an amended filing.
  
  
• Attach schedules: Trustees must include the recipient's names, addresses, employer identification numbers, and clear descriptions of the charitable purposes.
  
  
• File by mail: Trustees must send the completed Form 1041-A to the IRS Service Center in Ogden, UT 84201-0027 because electronic filing is not available.
  
  
• Maintain copies: Trustees must keep complete copies of all filings, including records of expenses, administrative expenses, legal fees, and deductions, to support future audits or compliance reviews.

If the trust terminates, the personal representative or estate executor must file the final information return with the IRS. This may apply to either the donor or the decedent’s estate when settling remaining assets.

Common Mistakes and How to Avoid Them

• Filing for exempt trusts: Trustees should not file Form 1041-A for private foundations, ESBTs, or charitable trusts described under section 4947(a)(1).
  
  
• Using incorrect form year: Trustees must always use the version that corresponds to the current tax year, such as Form 1041-A (2024).
  
  
• Omitting beneficiary information: Trustees must include the names, addresses, and taxpayer identification numbers of all beneficiaries.
  
  
• Incomplete Balance Sheet: Trustees must complete Part IV if the income or assets exceed $25,000 for the year.
  
  
• Ignoring extensions: Trustees should file Form 8868 before the due date to request an extension when necessary.
  
  
• Misreporting deductions: Trustees should verify all income distribution deductions, charitable deductions, and administrative expenses to avoid filing errors.

These errors can delay processing and impact the availability of tax deductions, benefits, and credits. They can also create compliance risks for both the trust and the trustee.

What Happens After You File

After the filing is submitted, the Internal Revenue Service reviews the return for accuracy and may request clarification regarding charitable distributions, income, or deductions. Trustees may receive notices requesting additional information about charitable purposes, assets held, or property transactions.

If penalties apply, the IRS issues a separate notice under section 6652(c)(2). Trustees can request penalty abatement for reasonable cause by submitting written explanations accompanied by relevant documentation. Payments for penalties may be arranged using Form 9465 installment agreements. Maintaining complete records of income, assets, and expenses helps ensure compliance with federal tax laws and supports penalty relief requests.

Can I still file Form 1041-A electronically for the 2024 tax year?

No, the Internal Revenue Service requires paper filing for Form 1041-A. Trustees must mail the completed return to the address listed on the IRS website in Ogden, Utah, and retain proof of mailing for their records.

What’s the penalty for filing my 2024 Form 1041-A late?

The penalty for late filing is $10 per day, up to a maximum of $5,000 per trust and trustee per year. Trustees may request penalty abatement by showing reasonable cause, such as illness, delays caused by the donor’s estate, or unavoidable administrative errors.

How do I get copies of previously filed Forms 1041-A?

Trustees can request copies or transcripts of previously filed Forms 1041-A by using Form 4506-T. This form provides access to income, deductions, and tax return data for the trust.

Is there a statute of limitations on filing late Forms 1041-A?

Because Form 1041-A is an information return, there is no statute of limitations on filing. Trustees may file at any time, though penalties will continue to accrue until the filing is complete.

Do I need to file amended state information returns if I file an amended federal Form 1041-A?

State requirements differ. Most states do not require a counterpart to Form 1041-A; however, some may require amended filings for charitable reporting purposes. Trustees should confirm any additional requirements with their state tax authority or attorney general’s office.