AndyG
Level 3
10-13-2020
06:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Trust paid the facility directly for room and board.
Labels
sjrcpa
Level 15
10-13-2020
06:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What's a 1041-K?
A grantor trust, by definition, is a nonentity for tax purposes. The grantor is treated as the owner. All income and deductions are reported on the grantor's tax return as if there was no trust.
The more I know the more I don’t know.
IRonMaN
Level 15
10-13-2020
07:04 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"What's a 1041-K?"
It's the new postcard version of the 1041.😅
Slava Ukraini!
BobKamman
Level 15
10-13-2020
07:39 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I always have to look it up but I think a grantor trust has to file a Form 1041 if the trustee is not the grantor (as in, the grantor new resides in the dementia ward). But I don't think a Schedule K-1 is filed, there is just an attachment that tells the grantor what to show on his/her Form 1040. Paying bills for the grantor's care, is the same as making distributions directly to the grantor.
