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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- Form 1041 Fiduciary Return For Revocable Trust
Form 1041 Fiduciary Return For Revocable Trust
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peauff
Level 3
04-06-2022
09:06 AM
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Client's wife has a revocable trust, created several years ago. Trust has never filed a return, as it had no assets/income. Upon her death in 2021, a life insurance annuity payment was issued to the trust, with a corresponding 1099-R. Payment was comprised 100% of non-taxable employee contributions. This amount was immediately withdrawn from the trust by the surviving spouse/trustee. The trust had no reportable income in 2021. Obtained guidance from the IRS that no prior year tax filings are required, however, form 1041 must be filed for 2021. Filing a "final" return for the trust for 2021. Since it is not a taxable distribution, does the withdrawal of funds from the trust by the remaining spouse/trusted need to be reported on the return?
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