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AndyG
Level 3
October 13, 2020
Question

Do expenditures by a grantor trust made directly to an assisted living facility for the beneficiary count as distributions on the 1041-K? Or how are they reported?

  • October 13, 2020
  • 1 reply
  • 0 views
Trust paid the facility directly for room and board.
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1 reply

sjrcpa
sjrcpa
Level 15
October 13, 2020

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
    IRonMaN
    Level 15
    October 14, 2020

    "What's a 1041-K?"

    It's the new postcard version of the 1041.😅

    Slava Ukraini!
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