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#6
08-24-2004, 09:30 AM
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 Re: How is Income from a Trust Account reported Luke wrote: - quote - > How is income from a Trust (interest, dividends, capital
1) On Form 1041.> gains etc) reported for income tax purposes? 2) Certain trusts are permitted to be combined directly onto form 1040. These are usually (but not limited to) "grantor trusts." See the Treasury Regulations under IRC section 671 especially -3 and -4. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
08-24-2004, 09:11 AM
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| Re: How is Income from a Trust Account reported - quote - > Is it a revocable or irrevocable trust?
If you are receiving income from a trust you will receive a> Revocable trust on your 1040 > Irrevocable trust On form 1041 form 1041 K-1 and that will tell you where on your form 1040 to report the income << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
08-24-2004, 09:11 AM
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| Re: How is Income from a Trust Account reported - quote - > How is income from a Trust (interest, dividends, capital
Income from the trust retains the character of the income> gains etc) reported for income tax purposes? passtrough. So, those items are taxed the same way on the 1040 as they would have been if not coming from a trust. Bruce Raskin, CPA Small Business and Individual Tax and Accounting Services << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
08-24-2004, 08:52 AM
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| Re: How is Income from a Trust Account reported Luke wrote: - quote - > How is income from a Trust (interest, dividends, capital
As indicated on Schedule K-1.> gains etc) reported for income tax purposes? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
08-24-2004, 08:33 AM
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| Re: How is Income from a Trust Account reported clwslebas[at]msn.com (Luke) posted: - quote - > How is income from a Trust (interest,
If you're referring to a Revocable Living Trust, the income> dividends, capital gains etc) reported for > income tax purposes? is reported on the return for the individual who owns the Trust (and can be included on a MFJ return, as well). In other cases, the Trust will have acquired a Tax Identification Number, and the distribution of its income will be reported on Form K-1s for the beneficiaries of the Trust. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
08-24-2004, 08:14 AM
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| Re: How is Income from a Trust Account reported clwslebas[at]msn.com (Luke) wrote: - quote - > How is income from a Trust (interest, dividends, capital
Duplicate post - see response to other posting> gains etc) reported for income tax purposes? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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08-24-2004, 08:14 AM
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| Re: How is Income from a Trust Account reported Luke <clwslebas[at]msn.com> wrote: - quote - > How is income from a Trust (interest, dividends, capital
I assume this is not a grantor trust and you are the> gains etc) reported for income tax purposes? grantor/trustee? If so, chances are the trust would be a disregarded entity. If you received payments from a trust you should be sent a Form 1041 Schedule K-1 with all that information. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-19-2004, 09:40 PM
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| How is Income from a Trust Account reported How is income from a Trust (interest, dividends, capital gains etc) reported for income tax purposes? Carlyle << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| account, income, reported, trust |
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