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unexpected int-1099
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cher52
Level 1
Thursday
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the final 1041 on the trust was filed 2021....now I have received an unexpected legal award settlement (I had to prove I was an heir) .....the 1099-int is in the name of the trust and I deposited it into the trust acct last summer and it has not been distributed to myself or the other benis.....do I need to file and pay tax....file another final 1041?
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George4Tacks
Level 15
yesterday
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How much? Just throw it on your personal and call it a day. Distribute as required and subtract the tax you might owe on the amount. Report it as Nominee Receipt (EIN of Estate)
Answers are easy. Questions are hard!
cher52
Level 1
yesterday
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I kept the trust acct open in case any unexpected bills came up or tax payments due (only 15K in acct) ...plan to close the acct after I settle this unexpected award settlement that I applied for....the settlement check (15K) was made out to the trust with trust ein....should I file 1041 again and pay the taxes from the trust acct........I appreciate more specific instructions....I realize taxes need to be paid
