My Revocable Trust has an EIN, do I need to file 1041 if grantor (me) is still alive?

[NCwillow]

Thanks. If I file my 1040 electronically using TT, is it ok to just send the 1041 and GIS via regular post?

[NCwillow]

Thank you for your responses. You have answered my questions. Just one final thing. In one of your responses you said "Also note that you can change filing methods (which might be a good idea)" 

What did you mean by this and how is it relevant to our other exchanges? Thanks.

[NCwillow]

I see. It seems that my lawyer that set up the trust should not have applied for the EIN in the first place to cause this issue. I will look into that.

Thanks for solving my problem!

[NCwillow]

OK, so looking at the GIS blank form, and since my trust has its own EIN, I can see that would be entered at the top of the form.

Then under the "Grantor Information" section there is a place for my name, as Grantor, and then a place for "Identifying Number". Do I enter my SSN here?

[NCwillow]

Well, I came across another question. So I file the 1041 along with the Grantor Information Sheet that links the trust EIN with my SSN. Now, when I enter the interest from the 1099-INT from the bank onto the 1040, I don't see any way to link it to the trust, or is the trust not mentioned in the 1040 and it just is entered as if there is no trust? Thanks.

[NCwillow]

Oh, I had missed that. I see what you mean. Thanks.

[jtax]

You might be right that you don't need to file a 1041 because the income is lower than the filing threshold. However you as the grantor will need to report the income on your personal 1040 even if no 1041 is filed.

The instructions aren't totally clear. but they do read as you say. Later they say that grantor trusts must file in various ways. One could read those as separate requirements, but I'm with you. That doesn't seem to make I.R.C. 6012(a)(4). https://www.law.cornell.edu/uscode/text/26/6012 ... the regulations don't seem to have an different treatment for grantor trusts -- https://www.law.cornell.edu/cfr/text/26/1.6012-3

Does anyone else here think differently and why?

Even if you aren't right about not needing to file a 1041, I don't think the IRS will notice given the small amount and especially if you report the income on your 1040. For future years to keep things simple, I would get your financial institutions to use your SSN.

[brs67]

I have a follow-up question on this. I have a similar situation as @NCwillow . I couldn't find info in TT Premier software to enter my grantor trust income. My income is >$600. I received form 1099 from the broker with my trust EIN in it. The form also mentions 1099-INT in the summary statement. Can I enter the info as a regular interest income in my 1040 and file my blank 1041 with Grantor Information Sheet.

Any help is much appreciated.

[brs67]

Can you please share the Grantor Information Sheet in a PDF format?

thanks