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Villa1516
New Member

How do I enter a rollover from a maturing annuity titled to the family trust that was then placed into a new annuity?

Turbo asks whose name is on the 1099-R.  The annuity is in the name of the family trust, not an individual
2 Replies
SamS1
Expert Alumni

How do I enter a rollover from a maturing annuity titled to the family trust that was then placed into a new annuity?

Unless this is a grantor trust, you should enter the information in the Family Trust 1041 tax return.  If the new annuity is titled in the name of the beneficiaries, it would be considered a distribution from the trust and would need K1 schedules to each of the beneficiaries for their share of the new annuity.  If the new annuity is titled in the name of the Family Trust, there would not be a taxable event so if would not need to be reported on the Family trust's 1041 tax return.

 

You need to look at the EIN or SSN on the 1099R you received.  If it is a grantor trust and you are the trustee, the 1099R should be reported in your SSN and you would need to report it on your tax return.  However, if the 1099R is in the Family Trust EIN, it should be reported on the Family trust 1041 Tax return.

Villa1516
New Member

How do I enter a rollover from a maturing annuity titled to the family trust that was then placed into a new annuity?

Thank you for your guidance.  This is a grantor trust, I am the trustee, and my SSN is on the 1099-R so I will now report this item on my 1040.

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