If the brokerage firm and others were given the trust's EIN and the trust filed a 1041 as a grantor trust then the source would be the trust. Otherwise it would be the brokerage firm or bank or the like. There are optional methods for filing.
Optional Method 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 must also 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, 2024 (March 31, 2024, 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 their income tax return. This statement satisfies the requirement to give the recipient copies of the Forms 1099 filed by the trustee.
Optional Method 3.
For a trust treated as owned by two or more grantors or other persons, the trustee must give all payers of income during the tax year the name, address, and TIN of the trust. The trustee must also file with the IRS the appropriate Forms 1099 to report the income or gross proceeds paid to the trust by all payers during the tax year attributable to the part of the trust treated as owned by each grantor, or other person, showing the trust as the payer and each grantor, or other person treated as owner of the trust, 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, 2024 (March 31, 2024, if filed electronically).
In addition, the trustee must give each grantor or other person treated as owner of the trust a statement that:
Shows all items of income, deduction, and credit of the trust attributable to the part of the trust treated as owned by the grantor or other person;
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 their income tax return. This statement satisfies the requirement to give the recipient copies of the Forms 1099 filed by the trustee.
