"J" <japhyrider2005[at]yahoo.com> wrote:

- quote -

The trustee of the trust needs to go the their CPA and have
them prepare the trust income tax return, form 1041 and the
K1's which get distributed to the beneficiaries. It would
probably be a good idea for the trustee of this trust to
communicate with the executor of your mother's estate.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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J wrote:

- quote -

I'm sorry for your loss.
The trust series begins with 1041, so you want to go to
http://www.irs.gov/
'more forms and publications' and scroll down to Form 1041
(and see there are many forms there, main form, schedule
A,D, etc) not all 2006 are there just yet.

Note, at the executor of the trust, you will fill the
specific forms out, but deliver just Schedule K-1
(Beneficiary's share of income) to each of the other heirs.
They treat the Sch-K like any 1099, i.e. they use the
information on their own tax return.

JOE

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J wrote:

- quote -

The income is reported by the trustee (or executor) on form
1041 (Income Tax Return for Estates and Trusts). He/she will
prepare and disburse K-1 forms to each beneficiary,
outlining the type of income and whether it is taxable or
not. The beneficiary will use this data to enter the income
on their 1040 form, under the appropriate form or line
number. Schedule E will also be required to notify the IRS
that such income distribution has been received from the
trust/estate.

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Just thought, perhaps you are referring to a TX19 or MR-14.A
which are Clearance Certificate Application forms instead of
the T3 or TP646 Tax Returns.

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J wrote:

- quote -

In Canada and Quebec, we use the trust's tax return to
handle that. You have not indicated the jurisdiction you are
in but I suspect you are in the US. Check your trust tax
return.

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My mom passed away earlier this year. Her assets were in a
trust. They were distributed to 5 heirs after about 9
months. I believe there is a tax form that each person must
fill out declaring their portion of the interest earned on
the assets in the trust from the time of her death to the
time it was distributed. Does anyone know the form number?
I searched irs site to no avail.

tia

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