Page 251 - Individual Forms & Instructions Guide
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         The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
            A U.S. person who transferred prop-  ule E to report the income you received.   2. You file your 2022 tax return and
         erty to a foreign trust may have to report   Instead,  report  it  on  Form  1040  or   pay the tax due by March 1, 2023.
         the income received by the trust as a re-  1040-SR, line 2b.
         sult of the transferred property if, during   Column  (c).  Report  the  total  of  the   For details, see chapter 15 of Pub. 225.
         2022,  the  trust  had  a  U.S.  beneficiary.   amounts  shown  on  Schedule(s)  Q,   Paperwork Reduction Act Notice.  We
         See section 679. An individual who re-  line 2c. This is the smallest amount you   ask for the information on this form to
         ceived  a  distribution  from,  or  who  was   are allowed to report as your taxable in-  carry  out  the  Internal  Revenue  laws  of
         the grantor of or transferor to, a foreign   come  (Form  1040,  1040-SR,  or   the  United  States.  You  are  required  to
         trust  must  also  complete  Part  III  of   1040-NR, line 15). It is also the smallest   give  us  the  information.  We  need  it  to
         Schedule B (Form 1040) and may have   amount  you  are  allowed  to  report  as   ensure  that  you  are  complying  with
         to file Form 3520. In addition, the owner   your  alternative  minimum  taxable  in-  these laws and to allow us to figure and
         of  a  foreign  trust  must  ensure  that  the   come (AMTI) on Form 6251, line 4.  collect the right amount of tax.
         trust  files  an  annual  information  return                               You  are  not  required  to  provide  the
         on Form 3520-A.                        If the amount in column (c) is larger
                                              than  your  taxable  income  would  other-  information requested on a form that is
                                              wise be, enter the amount from column   subject to the Paperwork Reduction Act
         Part IV                              (c)  on  Form  1040,  1040-SR,  or   unless  the  form  displays  a  valid  OMB
                                                                                  control number. Books or records relat-
                                              1040-NR,  line  15.  Similarly,  if  the
         Income or Loss From Real             amount in column (c) is larger than your   ing to a form or its instructions must be
                                                                                  retained  as  long  as  their  contents  may
                                              AMTI  would  otherwise  be,  enter  the
         Estate Mortgage Investment           amount from column (c) on Form 6251,   become material in the administration of
         Conduits (REMICs)                    line 4. Enter “Sch Q” on the dotted line   any  Internal  Revenue  law.  Generally,
                                              to the left of this amount on Form 1040,   tax  returns  and  return  information  are
         If you are the holder of a residual inter-  1040-SR,  or  1040-NR,  line  15;  and   confidential,  as  required  by  section
         est  in  a  REMIC,  use  Part  IV  to  report   Form 6251, line 4, if applicable.  6103.
         your total share of the REMIC's taxable                                     The time needed to complete and file
         income or loss for each quarter included   Note.  These rules also apply to estates   this  form  will  vary  depending  on  indi-
         in  your  tax  year.  You  should  receive   and trusts that hold a residual interest in   vidual  circumstances.  The  estimated
         Schedule  Q  (Form  1066)  and  instruc-  a REMIC. Be sure to make the appropri-  burden  for  individual  taxpayers  filing
         tions from the REMIC for each quarter.   ate  entries  on  the  comparable  lines  on   this  form  is  included  in  the  estimates
         Do not attach Schedule(s) Q to your re-  Form 1041.                      shown in the instructions for their indi-
         turn. Keep it for your records.
                                                     Do  not  include  the  amount   vidual income tax return. The estimated
            If  you  are  treating  REMIC  items  on   !  shown in column (c) in the total   burden  for  all  other  taxpayers  who  file
         your tax return differently from the way   CAUTION  on Schedule E, line 39.  this form is approved under OMB con-
         the REMIC reported them on its return,                                   trol  number  1545-1972  and  is  shown
         you may have to file Form 8082.      Column  (e).  Report  the  amount(s)   next.
                                              shown on Schedule(s) Q, line 3b.
            If you are the holder of a residual in-
         terest in more than one REMIC, attach a                                   Recordkeeping .  .  .  .  .  .  .  .  .  3 hr., 39 min.
         continuation  sheet  using  the  same  for-                               Learning about the law or the
         mat  as  in  Part  IV.  Enter  the  combined  Part V Summary              form .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  2 hr., 16 min.
         totals of columns (d) and (e) on Sched-  Line 42                          Preparing the form .  .  .  .  .  .  3 hr., 25 min.
         ule E, line 39. If you also completed Part                                Copying, assembling, and
         I on more than one Schedule E, use the   Special estimated tax rules may apply if   sending the form to the IRS .  34 min.
         same Schedule E on which you entered   you  have  gross  farming  or  fishing  in-
         the combined totals in Part I.       come. You will not be charged a penalty   If you have comments concerning the
                                              for underpayment of estimated tax if:
            REMIC income or loss is not income                                    accuracy of these time estimates or sug-
         or loss from a passive activity.       1. Your gross farming or fishing in-  gestions  for  making  this  form  simpler,
                                              come  for  2021  or  2022  is  at  least   we  would  be  happy  to  hear  from  you.
         Note.  If you are the holder of a regular   two-thirds of your gross income; and  See  the  instructions  for  the  tax  return
         interest in a REMIC, do not use Sched-                                   with which this form is filed.

















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