Discussion:1041 required for trust?
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Discussion Forum Index --> Basic Tax Questions --> 1041 required for trust?
Discussion Forum Index --> Tax Questions --> 1041 required for trust?
| 7 April 2009 | |
| Client set up trust as grantor with only son as successor trustee. Client died in June 2008. Trust says it becomes irrevocable on death and everything goes to son, who is successor trustee. We have 1099s issued to her SSN, the Old Trust id#, The new trust id# and the son. I think all income before June is reported on her final 1040. All income after re-titling to his name reported on his 1040. All income in between reported on 1041 in new trust id# - is that correct? Does he really have to file a 1041, or can it be divided between the 2 1040s since he is successor trustee? ANY help will be appreciated! | |
| 7 April 2009 | |
| if there is gross income > $600 in the trust before he changes the SSNs on the accounts to his own, then a 1041 is required.
He isn't the grantor, so it can't be a grantor trust for him. | |
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