- quote -

The trust will issue you a K-1 showing the income pass
through items to you. They then are reported on the 1040 by
nature of income. i.e. Interest goes on th einterest line,
etc.

Bruce Raskin, CPA
Small Business and Individual Tax and Accounting Services

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- quote -

It depends on how the trust handled it. Any taxable income
passed through to the beneficiaries is reported to them on a
1041 Schedule K-1, which also includes information on how to
report the items on the 1040.

Phil Marti
Topeka, KS

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clwslebas[at]msn.com (Luke) wrote:

- quote -

Your Schedule K-1 should tell you on which line to put each
entry. If you can't figure it out you need to get someone
(tax professional) to help you.

Missy Doyle

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clwslebas[at]msn.com (Luke) wrote:

- quote -

A Schedule K-1 (1041) will be issued to you next year,
detailing the income distributed to you by type. The form
will instruct you where to enter these values on your tax
return. The income is taxable to you, the same way it would
be taxable to the trust (i.e. interest = interest, exempt
interest = exempt interest, short-term capital gains = short
term capital gains, etc).

Two things to be aware of:
1 - The income reported on the K-1 form does not necessarily
have to match the amount of cash you received from the
Trust.

2 - If the trust return is filed on a calendar-year basis,
it is not required to provide you with the K-1 form until
that due date. That could be April 15 (or later). If the
Trustee has notified you that you will be receiving the K-1,
you may want to file an extension by April 15 for filing
your individual return.

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How is the income received from a Trust (interest,
dividends, capital gains etc) reported for income tax
purposes?

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