https://ttlc.intuit.com/community/taxes/discussion/living-trust/01/3582069#M1328999 <P>If a living trust has no EIN and is the sole owner of an LLC (which WOULD have an EIN) that elects S-corp status, how does it then separate income out to the person(s) the income pertains to if the trust pertains to both spouses and not an individual?&nbsp; Would a 1041 need to be filed to then issue out two separate income reports for the year to be reported on their 1040?&nbsp; Since the living trust owns the LLC, would the incorporation still disqualify the couple from QJV status?</P> Wed, 19 Mar 2025 17:15:38 GMT ecarter3 2025-03-19T17:15:38Z https://ttlc.intuit.com/community/taxes/discussion/living-trust/01/3582069#M1328999 <P>If a living trust has no EIN and is the sole owner of an LLC (which WOULD have an EIN) that elects S-corp status, how does it then separate income out to the person(s) the income pertains to if the trust pertains to both spouses and not an individual?&nbsp; Would a 1041 need to be filed to then issue out two separate income reports for the year to be reported on their 1040?&nbsp; Since the living trust owns the LLC, would the incorporation still disqualify the couple from QJV status?</P> Wed, 19 Mar 2025 17:15:38 GMT https://ttlc.intuit.com/community/taxes/discussion/living-trust/01/3582069#M1328999 ecarter3 2025-03-19T17:15:38Z https://ttlc.intuit.com/community/taxes/discussion/re-living-trust/01/3582200#M1329000 <P>The LLC would issue a separate Schedule K-1 (1120S) to each spouse to show the individual income and deductions. &nbsp;It would not be a qualified joint venture because of both the LLC and the S Corp status. &nbsp;</P> Wed, 19 Mar 2025 17:48:27 GMT https://ttlc.intuit.com/community/taxes/discussion/re-living-trust/01/3582200#M1329000 MaryK4 2025-03-19T17:48:27Z