Question

Income on Final 1040

Forum|Forum|5 years ago
April 3, 2021
1 reply
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My mother died 5/28/2020, owning a brokerage account titled in the name of her revocable living trust under her social security number. Shortly after her death her broker changed her social security number on this account to the new EIN for the trust. All of the 2020 income for this account has been reported on a consolidated tax reporting statement under the trust's EIN. How do I include on my mother's final 1040 the income earned in this brokerage account between 1/1/2020 and her date of death? Thank you for your prompt response to this question.

A

Anonymous_

Employee

I am sorry for your loss.

Technically, you need to allocate the income between the trust and your mother's individual account.

Since all of the income (and presumably gains) were allocated to the trust, the income that should be allocated to your mother, individually, will be received by the trust as nominee.