topic I set up a revocable trust for my children. I earned less than $400 dollars interest on the account. What version and form do I need to use in Turbo Tax? in Business & farm

I set up a revocable trust for my children. I earned less than $400 dollars interest on the account. What version and form do I need to use in Turbo Tax?

tomc17irs — Mon, 23 Feb 2026 12:57:44 GMT

Re: I set up a revocable trust for my children. I earned less than $400 dollars interest on the account. What version and form do I need to use in Turbo Tax?

Anonymous_ — Thu, 09 Feb 2023 15:38:35 GMT

What version and form do I need to use in Turbo Tax?

Since you are grantor, most likely the trustee, and the trust is revocable, the trust would be considered to be a grantor trust by the IRS.

See https://www.irs.gov/businesses/small-businesses-self-employed/abusive-trust-tax-evasion-schemes-questions-and-answers

As a result, the income earned by the trust would be reported on your (the grantor's) individual income tax return (Form 1040).

Re: I set up a revocable trust for my children. I earned less than $400 dollars interest on the a...

MinhT1 — Thu, 09 Feb 2023 15:17:01 GMT

Any income generated by a revocable trust is taxable to the trust's creator (who is often also referred to as a settlor, trustor, or grantor) during the trust creator's lifetime.

If you are the grantor, you include this interest income in your personal tax return.

As to the version of TurboTax that you need, it may depend on the other types of income and deductions that you have.

Please read this comparison between different versions of TurboTax online, or

this comparison between different versions of TurboTax Desktop.

Re: I set up a revocable trust for my children. I earned less than $400 dollars interest on the account. What version and form do I need to use in Turbo Tax?

Mike9241 — Thu, 09 Feb 2023 18:10:38 GMT

did the trust get an ein number and are the 1099's it receives under that EIN or the SSNs of the children

if income is over $600 and both conditions are met regarding the EIN a grantor trust - form 1041 must be filed.

that's Turbotax business only for windows desktop

Re: I set up a revocable trust for my children. I earned less than $400 dollars interest on the account. What version and form do I need to use in Turbo Tax?

Anonymous_ — Thu, 09 Feb 2023 18:16:11 GMT

Even if the trust has an EIN, an optional filing method can be used for a grantor trust, rather than filing a 1041.

See https://www.irs.gov/instructions/i1041#en_US_2022_publink1000286018