Thank you! I have another question and it could change everything. My Mom has a living revocable trust with her as the Grantor and her, my dad and myself as co-trustees. My dad passed away in 2019. From what I have read, a living revocable trust is a Grantor type trust and therefore you don’t report income on the 1041. When my mom passed away, we obtained an Estate Tax payer id# and the money in the trust was moved to the Estate account, then it was transferred to my own trust account.
I have already completed her final return in TT and I am working on the Estate. Before I realized I needed an Estate return., I completed my tax return claiming the income from the Estate, but I realize that may need to change. None have been filed yet.
I am trying to figure out who pays the tax on the Dividends earned in the Estate account and whether or not I need the 1041. I am filing extensions for both my mom’s returns and ours and I have a estate tax accountant that is going to help me after April 18th, but I will need to send in the tax liability by the 18th, but I can’t figure out who claims the income and pays the tax liability. Any help?
