We created a revocable trust in February last year. How do I file?

[te464]

Our financial institution has reported income on two separate tax information statements which contains the 1099 int and 1099 div information for each portion of the year -- before and after the trust.

[jtax]

That is unusual. Are you sure it is a revocable trust and not an irrevocable trust?

If it is a revocable trust do you have an EIN (tax id) for the trust?

Were there multiple grantors/settlor/donor's to the trust? (I.e. is it a joint trust).

Typically (but not always) each spouse creates a revocable trust to avoid this complication (and other reasons), but not all attorneys do that and it may depend upon the laws of your state.

[te464]

It is a joint revocable trust. We were told by the attorney who prepared it that a tax id would be generated when the trust was to be executed (after the demise of the last spouse).

[Lisa995]

so for now its in your SSN and its reported just like any other income....its not a separate entity until someone dies.

[te464]

Great. That makes sense. We will file a joint return as usual and combine the income data from the two tax information statements.
Thank you very much for your help.

[jtax]

Yes, I agree with @Lisa995. If the tax id # on the 1099's is your SSN and the trust is revocable, then you just enter or import the 1099's as if it was in your name not the trusts. Having multiple 1099 entries on your tax return is fine.

As an aside there is no legal "trust" entity. The trust doesn't own anything. Rather you own it in your capacity as trustee. Be careful with that. You can't have an account or transfer ownership of property (cars, homes, etc.) to the John Doe Trust. It must be to John Doe Trustee, Jon Doe Trust.

[jtax]

Just to clarify. This is only okay if your spouse is the joint grantor of the trust. If it is not your spouse (child, etc.) then you need to review the "Special Reporting Instructions" on page 12 of the 1041 instructions, with special attention to "Optional Filing Methods for Certain Grantor Type Trusts."