https://ttlc.intuit.com/community/taxes/discussion/irrevocable-trusts/01/2792208#M1029856 <P>Hello, I have a question regarding an Irrevocable Trust account. After my parents passed away, they left money to my siblings and me. We set up an Irrevocable Trust for this money and I am the Custodian. Do I have tax liability for this account?</P> Tue, 10 Mar 2026 06:53:37 GMT JoAnn22 2026-03-10T06:53:37Z https://ttlc.intuit.com/community/taxes/discussion/irrevocable-trusts/01/2792208#M1029856 <P>Hello, I have a question regarding an Irrevocable Trust account. After my parents passed away, they left money to my siblings and me. We set up an Irrevocable Trust for this money and I am the Custodian. Do I have tax liability for this account?</P> Tue, 10 Mar 2026 06:53:37 GMT https://ttlc.intuit.com/community/taxes/discussion/irrevocable-trusts/01/2792208#M1029856 JoAnn22 2026-03-10T06:53:37Z https://ttlc.intuit.com/community/taxes/discussion/re-irrevocable-trusts/01/2792250#M1029857 <P>Depending upon the terms of the trust and how it is structured, you may have to file Form1041.</P> <P>&nbsp;</P> <P>See&nbsp;<A href="https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285943" target="_blank">https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285943</A></P> <P>&nbsp;</P> <P>It would be advisable to consult with a local tax professional.</P> Wed, 16 Nov 2022 20:04:31 GMT https://ttlc.intuit.com/community/taxes/discussion/re-irrevocable-trusts/01/2792250#M1029857 Anonymous_ 2022-11-16T20:04:31Z