Hello - I am filing a 1041 for the first time (2024 taxes) for both Federal and Illinois.
My wife and I are the grantors and the trustees. It is a Grantor Trust with its own EIN containing a condo and a brokerage account. The brokerage account in the trust produced some capital gains and some dividends. I understand that this income will simply be reported on our personal 1040 joint filing as our income and not on the 1041 form. I see examples online of attaching to form 1041 a "Grantor Statement" summarizing the income produced in the brokerage account and will include my name, address, and SSN.
A few questions about the federal filing:
- Anything else I need to be aware of for filing if not noted above?
- Do I need to attach a copy of my entire 1040 filing (with all its Schedules) behind the 1041 form?
- If not, (this may be a redundant question) do I need to attach any of my 1040 Schedules (i.e. Sch-B/D) reporting the Trusts' income (i.e. from brokerage 1099-DIV) behind the 1041 form?
- For this "Grantor Statement", where can I find such a form, or may this simply be an "attachment" created by myself (i.e. in MS Word, Excel, etc.)?
- I am using T-Tax Deluxe for my 1040 filing. I plan to simply use a 1041 PDF form and mail it for the Grantor Trust filing. Is this fine for now? (I know T-Tax Business is available but don't believe I need it for my case here)
A few questions about my Illinois filing:
- Do I submit an IL-1041 form in the same manner as the federal filing?
- If so, same as above, is it fine to submit my IL-1040 through T-Tax and mail in the IL-1041 (without needing to purchase T-Tax Business for State)?
Thank you!
