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Level 1
posted Mar 13, 2023 2:03:05 PM

Filing returns for my children's trust accounts for college

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.

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1 Best answer
Expert Alumni
Mar 13, 2023 2:21:07 PM

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 

1 Replies
Expert Alumni
Mar 13, 2023 2:21:07 PM

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