cfbcpa
Level 1

This would be a self settled SNT and is considered a grantor trust - so the 1041 is not like a normal trust where you can deduct trustee fees, admin exps, etc - the return usually completes a grantor statement and is attached to the 1041 allocating the income and expenses out by category.  It does not net teh expenses with the income either- all income is reported as gross-But unfortunately, the trustee fees would then be on the personal tax return as a miscellaneous itemized deduction but not since 2016- those expenses have been eliminated, for now.

 

This is one draw back of self settled SNTS.

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