1041 Grantor Trust not filed since 2018

[achung0315]

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I made a grantor trust for my son (irrevocable) with a condition that this fund gets withdrawn half at age 30 and the rest at age 35 in year 2018.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.

[tagteam]

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]

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.

[tagteam]

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

[achung0315]

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? 

[tagteam]

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@achung0315 wrote:

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

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