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Level 3
posted Dec 1, 2023 12:37:34 PM

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

I am the Trustee as well.

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1 Best answer
Level 15
Dec 1, 2023 1:18:10 PM

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

2 Replies
Level 15
Dec 1, 2023 1:18:10 PM

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

Level 3
Dec 2, 2023 5:05:24 AM

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