Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 6:40:18 PM

My husband and I created a family trust in 2018 and placed many of our assets in the Trust. Is there something that we should do different in completing our taxes?

For instance, we received a 1099-INT in the name of the trust for some of our accounts.  Do we just report that interest income as our own since my husband and I are the trust managers?

0 1 678
1 Best answer
Level 15
Jun 4, 2019 6:40:19 PM

" Do we just report that interest income as our own since my husband and I are the trust managers?"

Yes, provided the accounts have your and/or your husband's social security numbers rather than the trust's EIN.

See https://www.irs.gov/instructions/i1041#idm140630131849312

1 Replies
Level 15
Jun 4, 2019 6:40:19 PM

" Do we just report that interest income as our own since my husband and I are the trust managers?"

Yes, provided the accounts have your and/or your husband's social security numbers rather than the trust's EIN.

See https://www.irs.gov/instructions/i1041#idm140630131849312