The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Need tax consequences advice please||Date: 1/28/2013 3:19 PM|
|Author: csm1rr||Number: 117569 of 124156|
RE: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.
Rule Your Retirement Home Fool
First of all, Thank you Phil and op456op for your replies. Good thing y'all mentioned replying to my earlier post because it never showed up in my feed under My Boards. Thinking no one replied. I tried again as a new post. I did manage to backtrack to that thread and retrieve the replies posted. I do appreciate the answers!
To answer your question, I am not totally clear about it. I do have an EIN for this trust and I'm pretty sure that the earnings of both of these accounts will be reported under the EIN instead of my SS number. The 1099s for either account has come yet but I'm hoping they will arrive