63-001: IA 1041 Fiduciary Return 63-001 (2024)
Iowa · Iowa DOR · Used for tax years 2024
The 2024 IA 1041 is Iowa’s fiduciary return for estates and trusts. It records the estate or trust’s identifying information, fiduciary details, residency status, return type, and beneficiary information used to assess a possible composite return requirement.
What you'll need
Have the estate or trust’s name and FEIN, the fiduciary’s name, title and address, and any applicable decedent and probate information ready.
Depending on the entries you report, the form calls for:
- Amended return: IA 102.
- Iowa lump sum tax: Federal Schedule 4972.
- Out-of-state tax credit: IA 130FID.
- Other nonrefundable or refundable credits: IA 148.
- Income tax withheld: Federal Form(s) 1099 or supporting documentation.
- Composite and PTET credit: Iowa Schedule CC.
- Motor fuel tax credit: IA 4136.
- ESBT income additions or deductions: Supporting statements for Schedule E.
Iowa Schedule B also uses amounts from federal Form 1041, Schedule B. If reporting IA 103 tax, use the amount from IA 103, line 26.
How to file
Complete the applicable return fields and schedules, entering amounts in dollars and cents.
For a paper return, the fiduciary or officer representing the fiduciary must sign by hand or use a digital signature with a digital certificate. Stamped or typed signatures are not accepted. The form also has a signature field for a preparer other than the fiduciary.
Mail the return to:
Fiduciary Return Processing
Iowa Department of Revenue
PO Box 10467
Des Moines, IA 50306-0467
For an amount due on line 48, pay electronically or submit payment with Iowa Tax Payment Voucher (96-048). The supplied form does not give instructions for e-filing the return.
Common mistakes
- Using a typed or stamped signature: Paper returns require a handwritten signature or a digital signature with a digital certificate.
- Leaving out IA 102 on an amended return: The amended-return checkbox specifically says to include it.
- Ignoring the composite-return questions: A “yes” to any of questions 1 through 4 means the estate or trust may have a composite return requirement. The form directs you to the instructions.
- Rounding entries to whole dollars: The form says to enter dollars and cents.
- Entering too large a percentage on Schedule C: Line 25 cannot exceed 100.0000% and must be rounded to the nearest ten-thousandth of a percent.
Questions people ask
What is the personal exemption amount?
On line 32, enter $40 or the amount on line 31, whichever is smaller.
What if Iowa taxable income is zero or less?
If line 25 is zero or less, enter 0 on line 26.
Does a tax disclosure designation let someone represent the estate?
No. It lets the designee receive the estate’s confidential state tax information about this return, but does not authorize representation or access to federal tax information.
What does the power of attorney authorization cover?
It authorizes the listed representative to act for the estate before the Iowa Department of Revenue and receive confidential state tax information, including an income tax certificate of acquittance. It is limited to matters relevant to this return and does not authorize access to federal tax information.
What happens if I pay by check?
Paying by check authorizes the Department of Revenue to convert the check into a one-time electronic banking transaction.