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angela-lucero84
New Member

Need help filing Living Trust. Received 1099-Int

Father passed away March 2016.  We received a 1099-INT form from Life Insurance Co.  We created a TIN with IRS reflecting Living Trust that was inherited when father passed away.

1 Best answer

Accepted Solutions
tagteam
Level 15

Need help filing Living Trust. Received 1099-Int

"Need help filing Living Trust. Received 1099-Int"

 

I am sorry for your loss but, at this point, the trust is a separate taxable entity and no longer a "living trust" (the trust became irrevocable when your father passed). 

 

As such, the trust will be required to file a Form 1041 if it had any taxable income for the tax year, gross income of $600 or more (regardless of taxable income), or a beneficiary who is a nonresident alien.

 

In order to prepare a 1041 for a trust, you will need to purchase a copy of TurboTax Business

See https://turbotax.intuit.com/small-business-taxes/

 

Note: TurboTax Business must be installed and run in a Windows environment; it is not available as an online product nor will it run natively on a Mac. Further, you still need a TurboTax personal income tax preparation product since TurboTax Business is not capable of preparing individual income tax returns (it can only prepare returns for entities).

View solution in original post

5 Replies
tagteam
Level 15

Need help filing Living Trust. Received 1099-Int

"Need help filing Living Trust. Received 1099-Int"

 

I am sorry for your loss but, at this point, the trust is a separate taxable entity and no longer a "living trust" (the trust became irrevocable when your father passed). 

 

As such, the trust will be required to file a Form 1041 if it had any taxable income for the tax year, gross income of $600 or more (regardless of taxable income), or a beneficiary who is a nonresident alien.

 

In order to prepare a 1041 for a trust, you will need to purchase a copy of TurboTax Business

See https://turbotax.intuit.com/small-business-taxes/

 

Note: TurboTax Business must be installed and run in a Windows environment; it is not available as an online product nor will it run natively on a Mac. Further, you still need a TurboTax personal income tax preparation product since TurboTax Business is not capable of preparing individual income tax returns (it can only prepare returns for entities).

robabricali
New Member

Need help filing Living Trust. Received 1099-Int

Need a live person call my [phone number removed]

robabricali
New Member

Need help filing Living Trust. Received 1099-Int

No need clear son questions please

DoninGA
Level 15

Need help filing Living Trust. Received 1099-Int


@robabricali  wrote:

No need clear son questions please


Use this website to contact TurboTax support during business hours - https://support.turbotax.intuit.com/contact/

Or -

Support can also be reached by messaging them on these pages https://www.facebook.com/turbotax/ and https://twitter.com/TeamTurboTax

Or -

Use this phone number and select TurboTax - 1-800-4-INTUIT (1-800-446-8848)

Or -

On every TurboTax web page, including this one, scroll down to the bottom of the page and click on Contact Us

Critter-3
Level 15

Need help filing Living Trust. Received 1099-Int

@robabricali  

 

Don't ever post your phone number on any public internet forum  since no one legitimate will call it  ... only scammers pretending they are TT support.  

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