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Filing returns for my children's trust accounts for college

Forum|Forum|3 years ago
March 13, 2023
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We have 2 kids. Each of them has a trust fund that was set up in 2018 when my father passed away. These funds are for college savings. I know I have to use forms 1041 and K-1 for tax preparation, but what form(s) do I use to file the returns for each of the 2 children? Can this be done using 1040 or 1040ez?

Thanks in advance.

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Best answer by BrittanyS

When your children receive their K-1 for the inheritance they will file a form 1040, Individual US Individual Income Tax Return. A Schedule K-1 (Form 1041) is used to report a beneficiary's share of an estate, including income, credits, deductions and profits.

@jester614

B

BrittanySAnswer

When your children receive their K-1 for the inheritance they will file a form 1040, Individual US Individual Income Tax Return. A Schedule K-1 (Form 1041) is used to report a beneficiary's share of an estate, including income, credits, deductions and profits.

@jester614

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