Indiana DOR Issues Information on Fiduciary Income Tax Return

The Indiana Department of Revenue (DOR) Nov. 1 issued information on fiduciary income tax returns for trust income tax purposes. The DOR provides: 1) individuals or corporations acting as fiduciaries, such as guardians, trustees, or executors for individuals, trusts, or estates, must comply with income tax filing requirements; 2) resident estates and trusts with income over $600, federal taxable income, or no income due to distributions, must file Indiana Form IT-41 for fiduciary income tax; 3) deductions allocable to tax-exempt income must be used only against tax-exempt income; 4) estates and trusts can offset their adjusted gross income tax with ...