What is a PA a trust?

What is a PA a trust?

A trust that consists in whole or in part for any part of the taxable year of real or personal property transferred to it by a person who at the time of the transfer was a Pennsylvania resident; or It was created by the will of a decedent who, at the time of his death, was a Pennsylvania resident.

Can a trust claim a PA resident credit?

A resident estate or trust may claim a resident credit, if it is subject to and pays income tax to another state on income taxable in the same taxable year to both Pennsylvania and the other state. This credit cannot exceed the amount of Pennsylvania tax the estate or trust owes.

How is a grantor trust taxed in the state of Pennsylvania?

Pennsylvania law imposes the income tax on grantor trusts according to the same Pennsylvania personal income tax rules that apply to irrevocable trusts unless the grantor trust is a wholly revocable trust. Grantor trusts other than settlor-revocable trusts are required to file the PA-41 Fiduciary Income Tax Return.

How do I report an estate in PA?

Estates and trusts are taxpayers for Pennsylvania personal income tax purposes. They are required to report and pay tax on the income (from PA’s eight taxable classes of income) that they receive during their taxable year. Estates and trusts report income on the PA-41 Fiduciary Income Tax return.