The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Need tax consequences advice please||Date: 1/27/2013 11:51 PM|
|Author: TMFPMarti||Number: 117564 of 121061|
I have money in Merrill Lynch and Fidelity TRUST accounts that I will be investing.
What's the nature of this/these trust(s)? I ask because of the special emphasis you put on the word plus your desire to do your own taxes. If we're talking about a grantor trust that just retitles your assets it's disregarded for tax purposes, all 1099's are issued in your SSN, and all income is reported on your 1040.
If we're talking about a separate legal entity we're talking about a 1041 trust income tax return, and IMO that means we're talking about a professional preparer regardless of what the trust owns.
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