8855
Election To Treat a Qualified Revocable Trust as Part of an Estate
Form 8855 is how the trustees of each qualified revocable trust (QRT) and the executor of the related estate, if any, make a section 645 election. The IRS says this election allows a QRT to be treated and taxed, for income tax purposes, as part of its related estate during the election period, and that once the election is made it cannot be revoked.
The instructions define a QRT as a trust, or part of a trust, that on the day the decedent died was treated as owned by the decedent under section 676 by reason of a power to revoke. During the election period, the electing trusts and the related estate file one combined income tax return and are treated as one estate for that return. The form is completed by fiduciaries: the executor or a filing trustee in Part I, and the trustee of each QRT in Part III. The instructions are printed on pages 3 and 4 of the form.
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Name and EIN of the estate or filing trust, the executor or filing trustee and address, the type of entity before the election (domestic or foreign estate or trust) and the date of the executor's appointment.
Statements made under penalties of perjury about authority, the tax burden allocation agreement, payment and filing responsibility, followed by the signature and date.
The decedent's name, Social Security number and date of death.
For each QRT, the trust name and EIN, trustee name and address, and the trustee's statements and signature. Page 2 has room for two trusts.
The instructions say the trustee of a QRT obtains a new EIN for the trust upon the decedent's death, and Parts I and III ask for that new EIN. The executor obtains an EIN for the estate before filing.
The executor, or the filing trustee if there is no executor, enters the estate or filing trust details, checks the entity type, and signs and dates. For a foreign address, enter city, province or state, and country, without abbreviating the country name.
The executor, or filing trustee if there is no executor, enters the decedent's name, SSN and date of death.
The trustee of each QRT joining the election enters the trust details and signs and dates. With extra Part III pages, the executor or filing trustee notes on the first Part III page how many pages are attached and the total number of QRTs.
If a filing trustee filed and an executor is appointed later, the executor and trustees file a new Form 8855 with "AMENDED ELECTION" written at the top, within 90 days of the executor's appointment.
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The instructions say to file the election by the due date, including extensions, of the Form 1041 (or Form 1040-NR) for the first tax year of the related estate or filing trust, even if no Form 1041 is otherwise required.
The instructions say the due date for the first income tax return is generally the 15th day of the 4th month after the close of the first tax year of the related estate, with exceptions in Regulations section 1.6072-1(c).
The form's chart sends it to the Internal Revenue Service Center in Kansas City, MO 64999 or Ogden, UT 84201, depending on the state where you are located. The About page also lists mailing addresses by state.
It begins on the date of death and ends on the earlier of the day all electing trusts and the estate have distributed all assets or the day before the applicable date, which depends on whether a Form 706 is required.
The instructions say the executor and the trustee of each electing trust keep a copy of the completed Form 8855, any amended form, and proof that it was timely filed.
The form is signed by fiduciaries of the estate and the trusts, not by beneficiaries.
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No. The IRS says that once the election is made, it cannot be revoked.
The instructions say the election period starts on the date of death. If no Form 706 is required, the applicable date is 2 years after the date of death. If one is required, it is the later of 2 years after death or 6 months after the final determination of estate tax liability.
The instructions say all electing trusts and the related estate, if any, file one combined income tax return, Form 1041 or Form 1040-NR for a foreign estate.
A filing trustee appointed by the trustees of each electing trust completes Part I. If an executor is appointed later, the instructions call for an amended election within 90 days of the appointment.
The instructions say the trustee of a QRT obtains a new EIN for the trust upon the decedent's death and enters it on the form.
