Trust Fund 1041 and K-1

Forum|Forum|3 years ago
March 13, 2023
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Hi, I'm new to all of this as we have parted ways with our CPA. I am the sole beneficiary of a trust fund set up when my father passed in 2018. I'm in Louisiana. What do I do regarding this? I know there are the 1041 and K-1 forms, and that the K-1 will be used for my personal income tax returns, but what do I do with the 1041 once it's completed? Do I need to file an actual tax return for the trust, or is the 1041 just a tool to get the K-1 completed?

Thanks in advance.

Not A Product Question

MinhT1

Form 1041 is the tax return for a trust. This form must be filed with the IRS. For calendar year trusts, the filing deadline this year is April 18, 2023. As part of the form 1041, there is a Schedule K-1 for each beneficiary and this Schedule K-1 has to be entered on the personal tax returns of the beneficiaries.

To prepare and file form 1041 for the trust, you can use TurboTax Business which can be purchased HERE.

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