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posted Nov 16, 2022 11:58:47 AM

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?

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1 Best answer
Level 15
Nov 16, 2022 12:04:31 PM

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 Replies
Level 15
Nov 16, 2022 12:04:31 PM

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.