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Hi. In preparing a personal 1040 for a client I noticed she included a consolidated 1099 for a trust, named "(name) and (name) TTE
The (Names) Pres Trust
U/A DTD 04/28/2017"
2 trustees. Does this trust have to issue a 1041 and K1s, or can I split the divs and int between the 2 trustees? I know nothing about estates and trusts. But it does have its own EIN. TIA, Gary
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"for a trust, named "(name) and (name) TTE <== trustees
The (Names) Pres Trust <== The Trust
U/A DTD 04/28/2017" <== Under Agreement, so those Named trustees are not the grantor. Someone knows more about this. You might want to defer on it.
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"Under Agreement Dated xx/xx/xxxx" refers to the trust instrument, which very well could be an agreement between the two grantors who are also the trustees.
