Level 11
03-26-2023
01:04 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Do you have a copy of the trust document? It really depends on the terms of the trust. You might check with the attorney who created it. Some family trusts are set up as pass through where taxpayer retains benefit from the assets. If that’s the case, the 1041 creates a grantor letter and income gets reported on taxpayers 1040. Identify the trust income on the 1040
If at first you don’t succeed…..find a workaround