3112823
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I have a simple Living Trust. Do I need to file a separate tax retunr for the Trust?

I am the Trustee as well.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

I have a simple Living Trust. Do I need to file a separate tax retunr for the Trust?

Grantor trusts (aka revocable living trusts) are generally disregarded entities for federal income tax purposes.

 

You can treat the trust as if it does not exist and report the income and any deductible expenses on your individual income tax return (1040). 

 

For a reporting overview see:

 

https://www.irs.gov/instructions/i1041#en_US_2022_publink1000286018

View solution in original post

2 Replies

I have a simple Living Trust. Do I need to file a separate tax retunr for the Trust?

Grantor trusts (aka revocable living trusts) are generally disregarded entities for federal income tax purposes.

 

You can treat the trust as if it does not exist and report the income and any deductible expenses on your individual income tax return (1040). 

 

For a reporting overview see:

 

https://www.irs.gov/instructions/i1041#en_US_2022_publink1000286018

I have a simple Living Trust. Do I need to file a separate tax retunr for the Trust?

Tagteam, thank you very much for your answer and guidance direction. 

 

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question