In this example, we have an initial trust tax return for a Florida revocable grantor trust. Grantor trusts generally do not have a separate Form 1041 filing obligation, because the grantor trust does not have its own separate tax ID (EIN). The grantor trust simply uses the SSN of the grantor.
If a grantor trust applies for its own EIN, it needs to file a Form 1041 grantor trust tax return and provide a Grantor schedule of the income & expense of the trust which will ultimately be reported on the grantor's federal tax return.
For some other videos on trust tax issues:
Grantor vs. NonGrantor Taxes: • Grantor vs. Non-Granto...
Entity Classification Election for Trusts: • Can a Trust File an En...
LLC vs. Trusts: • LLC versus a Trust? H...
Statutory Foundations vs. Trusts: • U.S. Statutory Foundat...
Section 663(b) Elections: • What is the Section 66...
For additional Form 1041 tutorials, see the following playlist:
• Form 1041 (Trust & Est...
For a larger database of tutorials, please visit our website and search for your question:
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#Form1041 #GrantorTrust #Taxes
12 сен 2024
