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February 24, 2023
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Where dom I put interest income from a trust fund?

  • February 24, 2023
  • 2 replies
  • 0 views
NJ Prepaid Funeral Trust Fund
Best answer by Critter-3

 

You would enter it  as if you got a 1099-INT form.

 

In the Wages & Income section, scroll down to 1099-INT and enter. See below.

  1. Type 1099-int in the search box and click search.
  2. Click on Jump to 1099-int.
  3. On the landing screen, click on I'll type it in myself.
  4. Enter the Payer's name and continue.
  5. Enter your interest in Box 1 and any other information

2 replies

Critter-3
Critter-3Answer
February 24, 2023

 

You would enter it  as if you got a 1099-INT form.

 

In the Wages & Income section, scroll down to 1099-INT and enter. See below.

  1. Type 1099-int in the search box and click search.
  2. Click on Jump to 1099-int.
  3. On the landing screen, click on I'll type it in myself.
  4. Enter the Payer's name and continue.
  5. Enter your interest in Box 1 and any other information
February 24, 2023

It depends.  If the funeral trust fund belongs to you then the interest is taxable and reported on your tax return.  

If you actually have a trust set up and the interest is reported in the name assigned to the EIN of the trust then it would be reported on the trust return, if filing requirements are met.

  • If a trust generates more than $600 in annual gross income, you are required to file Form 1041, 
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