I need to know what IRS Form to use to file a Form for the Trust and since all income comes to me personally, what IRS Form do I have to file. The Trust has its own I.D. number for the trust, and of course I file with my Social Security Number.
You most likely need to file Form 1041 (along with the 1041 flavors of Sch A,B,etc, depending on the contents of the trust), and issue a K-1 to the benficiary (you) to pass along the income. Joe
You use IRS form 1041 and its K-1 to declare and compute income and distribute it to you ofr taxation. If it is a revocable trust use your own 1040 and the trust doesn't need a TID#. Otherwise, your question needs a lot more information for a reply.
ed
It sounds as though this may be a revocable trust, where the grantors and the beneficiaries are the same individuals. This is what is sometimes known as a "grantor" or "inter vivos" (among the living) trust. If that is the case, the trust has no income tax filing requirement. All of the trust's income and expenses are reported on the grantor's 1040.
Katie in San Diego
Katie's absolutely right about that, but I feel the need to make a clarification. Not all intervivos trusts are grantor trusts. An intervivos trust is whatever is not a testamentary trust, meaning a trust created in someone's will. Irrevocable intervivos trusts that did not start out as revocable trusts (while rare) are generally not grantor trusts.
Stu
Thanks for the clarification, Stu.
Katie in San Diego
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