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How is the Trust Admin.’s fee reported to the govt. for use in the Trust Admin.’s PERSONAL tax return?
I’m the Administrator of a small Trust. It does not pay out any money to the beneficiaries yet (mother is still alive). I see where to input my Trust Administrator fees into TurboTax Business. Should I be creating a K-1 for myself for receiving the Trust Administrator fee? If not, how is the Trust Administrator fee paid to me reported to the government, or is it? The 1041 form only shows the EIN (Employer Identification Number) for the Trust, not my social security number (although I’ll be signing it). Thank you.
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February 18, 2021
11:19 AM