Filing returns for my children's trust accounts for college

[jester614]

We have 2 kids.  Each of them has a trust fund that was set up in 2018 when my father passed away.  These funds are for college savings.  I know I have to use forms 1041 and K-1 for tax preparation, but what form(s) do I use to file the returns for each of the 2 children?  Can this be done using 1040 or 1040ez?

Thanks in advance.

[BrittanyS · Accepted solution]

When your children receive their K-1 for the inheritance they will file a form 1040, Individual US Individual Income Tax Return.  A Schedule K-1 (Form 1041) is used to report a beneficiary's share of an estate, including income, credits, deductions and profits.

@jester614