Established a family trust

[dennismonk238Rexi]

I am married filing jointly.

I established a Family Trust early this tax year. All my/our assets are now in the trust. If the trust receives interest; dividend and investment income from stocks, do I declare that as my income? If not and 

If I am retired and not working, what do I show as my income, if I only receive Social Security income?

[HollyP]

It depends on the type of trust that you created. 

Grantor trusts, where the grantor has control over the assets, generally require grantors to report all income from a trust on their own individual tax returns. Non-grantor trusts, on the other hand, work differently. Typically, the trust itself or its beneficiaries pay tax on taxable income. 

Income kept in the trust is paid on a trust tax return using Form 1041. Income distributed to beneficiaries is reported to the beneficiaries by the trust using Form K-1 and then that form is used to prepare your individual tax return,  Form 1040. 

Here's some more info to review. 

Navigating Family Trusts and Taxes

What is a Schedule K-1 Form 1041: Estates and Trusts?