I have a few questions about the proper reporting of taxes for an inherited trust account to be divided by the trust agreement amongst four beneficiaries. Some background: my partner passed away in May of 2022. Because the two accounts were not properly titled in the trust name, the two financial institutions (Wells Fargo & E*Trade) have requested a court order to move assets into a trust before we can gain access to assets. There is a trust document in place stipulating how the assets should be distributed upon death. I am the sole trustee of the trust. We have hired a law firm to complete the court order process, which has been filed in this jurisdiction. Once a court order is issued, the two financial institutions will transfer assets to trust accounts. It's straight-forward, no real estate, just a combination of equities and cash.
1) Is the "trust" under the IRS EIN, which we received, responsible for taxes on capital gains, as well as interest and dividend income generated by accounts?
2) Can the proceeds be distributed to beneficiaries without them paying taxes on the inheritance if a 1041 is filed for 2023 in the name of the trust?
3) If we sell investments, the date of death in 2022 be the basis for capital gains?
4) Can Turbo Tax help me file? Or do I need an accountant?
