Deductions & credits


@ZengFreeman wrote:

...it looks like I am the grantor of the trust since I can distribute the money to myself entirely....


Yes, if that is the case then you essentially are treated as the owner of the assets (money).

 

 

 


@ZengFreeman wrote:

If I am the grantor of the trust, does that mean the trust is a grantor trust, right? 


Yes, a grantor trust is disregarded for federal income tax purposes and you can typically report directly on your individual income tax return (1040).

 

[If you get a K-1 from another trust, you can report that on your 1040]