You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
powellbg60
New Member
taxfromhome
Level 1
hacker2023
New Member
brookied
New Member
LisaL819
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.