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Form 1041 Schedule K-1 Question

This might be a stupid question but as a Successor Trustee of a Trust with it’s own Tax ID which has a Sub Trust for a Beneficiary with it’s own Tax ID  which one files the K-1 when money is distributed from the Sub Trust Beneficiary’s IRA? If there was no Sub Trust it would be on the K-1 from the main Trust.

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3 Replies

Form 1041 Schedule K-1 Question

Is this trust with the IRA even part of the other trust? 

 

If the trust only has one beneficiary (presumably an individual with an SSN), then issues a K-1 if a distribution is made that requires a K-1 to be issued.

Form 1041 Schedule K-1 Question

There is a main Trust with its own Tax ID and 2 SubTrusts under the main Trust each which have their own Tax ID. 

Form 1041 Schedule K-1 Question

I suppose the next logical question is: Who are the beneficiaries of each trust?

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