with a grantor trust and using an EIN on an account, you're supposed to file either
1) a grantor trust 1041 or
2) For a trust treated
as owned by one grantor or by one
other person, the trustee must give all
payers of income during the tax year the
name, address, and TIN of the trust.
The trustee also must file with the IRS
the appropriate Forms 1099 to report
the income or gross proceeds paid to
the trust during the tax year that show
the trust as the payer and the grantor, or
other person treated as owner, as the
payee. The trustee must report each
type of income in the aggregate and
each item of gross proceeds separately.
The due date for any Forms 1099
required to be filed with the IRS by a
trustee under this method is February
28, 2022 (March 31, 2022, if filed
electronically).
In addition, unless the grantor, or
other person treated as owner of the
trust, is the trustee or a co-trustee of the
trust, the trustee must give the grantor
or other person treated as owner of the
trust a statement that:
• Shows all items of income, deduction,
and credit of the trust;
• Explains how the grantor or other
person treated as owner of the trust
takes those items into account when
figuring the grantor's or other person's
taxable income or tax; and
• Informs the grantor or other person
treated as the owner of the trust that
those items must be included when
figuring taxable income and credits on
his or her income tax return. This
statement satisfies the requirement to
give the recipient copies of the Forms
1099 filed by the trustee.
