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achung0315
Returning Member

1041 Grantor Trust not filed since 2018

Hello everyone, 

 

I made a grantor trust for my son (irrevocable) with a condition that this fund gets withdrawn half at age 30 and the rest at age 35 in year 2018. I didn't realize I have to file a tax return as a trustee so now I have to file for the past 6 years - 2018-2023. If the income earned is less than the fiduciary fees, do I need to file still? If I need to file, how can I file them? Please advise. 

 

Thank you.

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5 Replies

1041 Grantor Trust not filed since 2018

Nongrantor trusts are required to file a trust income tax return (Form 1041) if they have any taxable income for the tax year or gross income of $600 or more (regardless of taxable income).

 

At this point, you should consult with a local tax professional.

 

See https://taxexperts.naea.org/expertdirectory

 

achung0315
Returning Member

1041 Grantor Trust not filed since 2018

There was no distribution made from the trust account, and the brokerage form that sent the tax documents only sent 1099-DIV, 1099-B, & 1099-INT - No K-1 Form has been generated. How can I file the taxes based on these information without K-1 being generated? 

 

Thank you.

1041 Grantor Trust not filed since 2018

The trust would assume any tax liability if there was no distribution.

achung0315
Returning Member

1041 Grantor Trust not filed since 2018

I am the trustee that is responsible of filing taxes of the trust that will be dispersed to my son when he's of age - Does that mean I need to file a separate tax return 1041 with the EIN of the Trust? Or do I include that with my 1040 for this year? 

1041 Grantor Trust not filed since 2018


@achung0315 wrote:

......Does that mean I need to file a separate tax return 1041 with the EIN of the Trust?


Yes, unless it is a grantor trust or if the trust has no taxable income.

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