Yes, you are correct. When filing Form 1041, you can attach a "Grantor Statement" that summarizes the income produced by the trust. This statement should include your name, address, and SSN, and it will direct the IRS to your personal tax return for the detailed reporting of the trust's income.
Here are a few steps to help you with the process:
- Prepare Form 1041: Complete the basic information on Form 1041, including the trust's EIN and other identifying details.
- Attach the Grantor Statement: Include a statement that summarizes the income produced by the trust and indicates that this income is reported on your personal 1040 joint filing.
- Report Income on Form 1040: Ensure that all income generated by the trust is accurately reported on your personal 1040 joint filing.
No, you do not need to to include any portion of your 1040 return and attach to your 1040. This is not a formal statement that has a a form assigned to it. It can be written in word or other type document you are comfortable in using. You can prepare the 1041 on your own if you feel comfortable doing this.
Since IL-1040 and IL-1041 are two different returns, you may mail your IL-1041 and electronically file IL-1040. This is perfectly acceptable. Here are a couple of references that may be of interest to you.
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