The mutual fund filed a 1099 for income it distributed to
the trust. The trustee of the trust files a 1041 for its
income and sends a K-1 to the beneficiaires showing income
paid from the trust to the beneficiary, or allocated to the
beneficiaries, or retained by the trust. The beneficiary
does not file a K-1.

ed

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june wrote:

- quote -

There are too many details missing here.

If the trust distributes income to the beneficiaries, that
distribution is done along with the K1.

If the trust accumulates income, with no distribution, it
files its own return, and pays its own taxes.

When you say 'we receive only 1099 DIV', whose SS# is on
those? I'd think it's the trusts' TIN. You need to adhear to
the trust documents/terms to determine whether that income
gets distributed or not.

JOE

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"june" <junealt[at]att.net> wrote

- quote -

Whose name SSN/TIN are on the 1099 from the mutual fund
company?

If you have a grantor trust, you continue to report the
earnings on your 1040 like always.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Our mutual funds etc are in separate trust accounts.

We receive only 1099 DIV etc forms at year end.

Can I assume that we do not need to file K1 forms ?

Thanks

J.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >