Hello - I am the grantor and trustee of a revocable Trust, and I live in IL.
This is a "Grantor Trust" so I will be responsible for paying the tax on the Trust's income (i.e. brokerage account with dividends/capital gains) and reporting it on my personal 1040. Separately, my 1041 Federal form will note "See Grantor Statement" with the applicable information and the form itself is blank other than the header information.
Regarding the respective 1041 state filing, I read through the IL-1041 instructions that I do not need to file this form because it is a "Grantor Trust". Am I reading the yellow highlighted correctly?
Because other info within the instructions such as in the highlighted green below and the form itself further down has entries such to check a box if "Grantor Trust" type trust and seems rather contradicting.
Would appreciate anyone's feedback on this topic and/or if there is more to it.
Basically, the way I read the "Note" highlighted in yellow is that I do not need to send one in but not 100% sure.