Advisor Flipbooks

© SEI 2022 For Intermediary Use Only. Do Not Distribute. 12 IRS Form 1041, U.S. Income Tax Return for Trusts and Estates ("Form 1041") including Schedule K-1 and, if applicable, state tax returns Charitable Trust Tax Forms: IRS Form 5227, Split-Interest Trust Information Return ("Form 5227") including Schedule K-1 and, if applicable, state tax returns. And IRS Form 990-PF, US Tax Return for Trust Treated as Private Foundation ("Form 990-PF") including Schedule K-1, if applicable, and state tax returns For trust accounts where SPTC is serving as Trustee or Co-trustee, tax returns are prepared by Ernst and Young, electronically filed to the IRS and, if necessary, the state tax authority before the required filing date, which is typically April 15. A Schedule K-1 (Beneficiary's Share of Income, Deductions, Credits, etc.) will generally be mailed to beneficiaries in late February or March 2023. The Schedule K-1 is used by beneficiaries to report their share of trust income, credits, deductions, etc. on their own personal income tax returns. In certain situations, personal trust tax documents will be delayed and it is not uncommon for the beneficiary to need to apply for an extension on their personal income tax return. As a note, PTS tax form production timelines are different from SPTC timelines. If you have questions regarding a personal trust account where SPTC is acting as Agent for the Trustee, Trustee, or Co-trustee, you should contact the assigned SEI Personal Trust Officer directly. Each Personal Trust Officer and their contact information are listed below: Officer Name Telephone Number Email Address Shelia Krow (610) 676-3168 SKrow@seic.com Elizabeth Madonna (610) 676-4280 EMadonna@seic.com Susan Stevens (610) 676-1273 SXStevens@seic.com Kim Kaess (610) 676-4403 KKaess@seic.com Cindy Matz (610)-676-4618 CMatz@seic.com Chrissy McCloskey (610)-676-4342 CXMcCloskey@seic.com PTS Team Line (610) 676-8907 PersonalTrustServices@seic.com Personal trust tax documents are not available on SEI's website 8. Supplementary tax information A. If I have clients who are invested in a Schedule K-1 (Form 1065) Generating asset, how can I find out when the asset will be issuing its Schedule K-1 (Form 1065)? The best way to obtain this information is to go directly to the assets website and find the section for the Investor Relations. The Investor Relations page should provide you with the projected date that the Schedule K-1 (Form 1065) will be issued. B. When are Schedule K-1 (Form 1065)'s mailed? Will the investor need to use this form to file their taxes? Schedule K-1 (Form 1065)'s are generally mailed in March and April. The K-1 will report income and capital gains taxable to the 'partner' (investor). For Non-IRA's, the K-1's are mailed directly from the asset issuer to the investor. Investor's with non-IRA's who hold K-1 generating assets or held one during 2022 should consider filing a tax extension to ensure they have received all tax forms prior to filing their taxes. For copies of the K-1 tax forms, you can reference www.TaxPackageSupport.com and navigate to the specific K-1 asset. If a client holds a Schedule K-1 (Form 1065) generating asset in an IRA, the K-1 will be issued to SEI Private Trust Company directly as custodian for the IRA. Your clients should NOT receive a Schedule K-1 (Form

• Cover