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How is the Trust Admin.’s fee reported to the govt. for use in the Trust Admin.’s PERSONAL tax return?

I’m the Administrator of a small Trust.  It does not pay out any money to the beneficiaries yet (mother is still alive).  I see where to input my Trust Administrator fees into TurboTax Business.  Should I be creating a K-1 for myself for receiving the Trust Administrator fee?  If not, how is the Trust Administrator fee paid to me reported to the government, or is it?  The 1041 form only shows the EIN (Employer Identification Number) for the Trust, not my social security number (although I’ll be signing it).  Thank you. 

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1 Reply

How is the Trust Admin.’s fee reported to the govt. for use in the Trust Admin.’s PERSONAL tax return?


@GSTgst wrote:

Should I be creating a K-1 for myself for receiving the Trust Administrator fee? 


No, only beneficiaries of the trust receive K-1s for their shares of the income, gain, deductions, credits, etc., and trustees, whether beneficiaries or not, do not receive a K-1 for any fees paid by the trust to them for their services as trustees.

 

If the fees are $600 or more, then the trust may be required to issue a 1099.

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