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nancyb1209
Level 3
December 6, 2021
Question

living trust 1041 fiduciary return

  • December 6, 2021
  • 3 replies
  • 11 views

My client just informed me he needs to file a 1041 for 2020 for his trust.  He received a 1099 composite from schwaab showing all income which I already included on his personal return.  I'm not sure how to proceed.  

Thank you

 

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3 replies

BobKamman
BobKamman
Level 15
December 6, 2021

Did the 1099 show his SSN, or an EIN for the trust that he probably didn't need?  Is he the trustee of the trust?  Do your clients regularly inform you of what they need?  Mine rely on me to regularly inform them.  If I see a 1099 with an EIN, I ask some questions.  

    abctax55
    abctax55
    Level 15
    December 6, 2021

    Late 1041 with (maybe) flow thru of income/loss on K-1.   Depends on what that trust document says.

    Amended 1040 to remove the "wrong" income/loss & (maybe) pick up the K-1 income/loss.

    How come this client didn't tell ya' sooner that 'he needs to file a trust return' ??

     

     

    HumanKind... Be Both
      abctax55
      abctax55
      Level 15
      December 6, 2021

      AND.... generally a 'living' trust doesn't have to file a trust return....  back to that trust document for some revealing reading.

      HumanKind... Be Both
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