topic Re: 1041 Trust in Get your taxes done using TurboTax

1041 Trust

USER987456 — Tue, 10 Mar 2026 05:05:13 GMT

My father created an irrevocable grantor trust that had a 1099-NEC in 2021 (just getting around to filing now). Do we just list the 1099-NEC income on the GIS and pass that through to my fathers 1040 as we do with the other income in the trust (dividends etc)?

Re: 1041 Trust

Anonymous_ — Thu, 23 Jun 2022 14:33:48 GMT

@USER987456 wrote:

Do we just list the 1099-NEC income on the GIS and pass that through to my fathers 1040 as we do with the other income in the trust (dividends etc)?

Yes, and assuming he is operating a business as a sole proprietor, the income will wind up on his Schedule C.

Re: 1041 Trust

Anonymous_ — Sun, 22 Dec 2024 21:09:03 GMT

Re: 1041 Trust

USER987456 — Thu, 23 Jun 2022 14:50:20 GMT

Understood, just reported on the GIS statement of the 1041 and passed through to the 1040?

Re: 1041 Trust

Anonymous_ — Thu, 23 Jun 2022 14:53:25 GMT

Yes.

Re: 1041 Trust

USER987456 — Thu, 23 Jun 2022 15:17:53 GMT

Thank you.

Next question is my father passed away in December last year and we will no longer be reporting trust income to his 1040 from now on. So for 2022/23 I will just report all the trust income in the 1041 directly?

Re: 1041 Trust

Anonymous_ — Sun, 22 Dec 2024 21:09:21 GMT

Re: 1041 Trust

Mike9241 — Thu, 23 Jun 2022 15:31:32 GMT

you file a grantor trust return

Re: 1041 Trust

USER987456 — Thu, 23 Jun 2022 15:43:52 GMT

thank you, really appreciate the help here, it really makes a difference. I can't suggest enough that people get as much of their estate in order as possible before they pass away as it can be quite a burden while trying to process the loss.

So 2022 I'll just file same 1041 but check it as a complex grantor trust so can report income etc? Definitely will need guidance on that when time comes here in few months.

Re: 1041 Trust

Anonymous_ — Sun, 22 Dec 2024 21:09:39 GMT

Re: 1041 Trust

Anonymous_ — Sun, 22 Dec 2024 21:09:50 GMT