Question

My adult daughter has a Trust account inherited from an aunt. I am the Trustee. Some money was withdrawn during the year. How do I file?

Forum|Forum|2 years ago
April 13, 2024
1 reply
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Is a separate 1041 return required since it has an EIN? This is not business related.

TurboTax Deluxe Online

It depends.

Is the trust required to have income tax returns filed on Form 1041? If you're unsure, please see this link for more details on the types of trusts that exist as well as the filing requirements for those trusts.

If you determine the trust did have a filing requirement, then your daughter should be receiving a Schedule K-1 forms from that trust. Any reportable income items would be reported on this form and would then be reported on your individual return. Please see this link for how to report the Schedule K-1 on your daughter's return if needed.

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