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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]
March 11, 2024
2:43 PM