Trust

Forum|Forum|3 years ago
July 27, 2022
1 reply
3 views

My wife and I just had trusts prepared for each of us - two separate trusts. We have always filed our taxes jointly. Do we need to change the way we file in 2022?

LaceyL

Employee Tax Expert

If these are Living Trusts or Revocable Trusts, the income is reported on your personal tax return, so if you normally file Married Filing Jointly, you can continue reporting that way. For example, let's say you have a stock account that you transferred into your trust, you would continue to report that stock account directly in your individual return just like you did previously.

If these Trusts are Unrevocable Trusts, a 1041 Trust return will need to be filed.

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ijgAuthor

Level 2

Thank you! They are revocable trusts so it sounds like we can keep filing jointly with no change correct?

LaceyL

Employee Tax Expert

Yes, report any income from items in your trusts exactly the same way you have reported those same items in previous years on your form 1040 individual return.

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