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Level 1
November 16, 2022
Solved

Irrevocable Trusts

Hello, I have a question regarding an Irrevocable Trust account. After my parents passed away, they left money to my siblings and me. We set up an Irrevocable Trust for this money and I am the Custodian. Do I have tax liability for this account?

    Level 15
    November 16, 2022

    Depending upon the terms of the trust and how it is structured, you may have to file Form1041.

     

    See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285943

     

    It would be advisable to consult with a local tax professional.

    1 reply

    Level 15
    November 16, 2022

    Depending upon the terms of the trust and how it is structured, you may have to file Form1041.

     

    See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285943

     

    It would be advisable to consult with a local tax professional.