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A
atoasttoall
March 31, 2023
Question

Where do I declare income from my irrevocable trust? (I am not asking about the trust's tax return which was handled by which was handled by an accountant.)

  • March 31, 2023
  • 1 reply
  • 0 views
My mother created an irrevocable trust in my name and I've been taking monthly disbursements. How do I declare these on my income tax return?

1 reply

DoninGA
DoninGA
Employee
March 31, 2023

You should have received a Schedule K-1 to be reported on your tax return.  Did you receive a Schedule K-1?  If not ask the CPA who handled the trust tax return for the Schedule K-1.

A
atoasttoallAuthor
March 31, 2023

I have not received a schedule K-1 the accountant tells me before we are filing a grantor letter and not a 1041.

DoninGA
DoninGA
Employee
March 31, 2023
@atoasttoall wrote:

I have not received a schedule K-1 the accountant tells me before we are filing a grantor letter and not a 1041.

See this answer for a Grantor Letter - https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/grantor-letter/01/2805294

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