Rev. November 2018
Form 1120-SF is an IRS tax form used to report income, deductions, and taxes for a Simple or Model Trust under Internal Revenue Code Section 5329. It includes schedules for reporting income, expenses, gains, losses, and balance sheets.
A designated or qualified settlement fund is a trust that meets certain requirements under IRS regulations and is used to receive and hold funds paid or distributed as part of a settlement agreement to resolve claims arising from personal injury, wrongful death, or other similar types of lawsuits.
Form 1120-SF requires the reporting of taxable interest, capital gain net income, and other income not previously reported. Tax-exempt income should be reported on a separate form (Additional Information) but only if the fund acquired it during the tax year.
Modified gross income for a designated or qualified settlement fund is its gross income, as defined in section 61, computed with certain modifications. These modifications include excluding certain types of income such as amounts paid directly to claimants and deducting certain expenses including attorneys' fees and costs associated with administering the fund.
Form 1120-SF is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
The easiest way to fill Form 1120-SF online
Delete filling session
Delete editing session
