The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/i-have-money-in-merrill-lynch-and-fidelity-trust-30509964.aspx

Subject:  Re: Need tax consequences advice please Date:  1/27/2013  11:51 PM
Author:  TMFPMarti Number:  117564 of 121106

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.

Phil
Rule Your Retirement Home Fool
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us