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Author: wjkorecki Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Tax Reporting of Income from a TRUST Date: 4/13/2001 8:48 PM
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TMF Karen referred me to this Board. Her "Foolish" answer to my "Foolish" question, is No.166927, 13Apr01.

Can you help me, that is before 16 April '01? Thanks in advance!

I have a Joint Trust(TTEE) with my wife. The Trust is with a National Brokerage firm. How and what form do I report the Income(Dividends) on these Trust items which are Mutual Funds, Common Stocks and other Interests? I am already reporting other Dividend income from other stocks and mutual funds on IRS form 1040 and whatever Schedules are needed.

I am already asking for an Extension on Form 4868.
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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50232 of 121219
Subject: Re: Tax Reporting of Income from a TRUST Date: 4/13/2001 10:26 PM
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I have a Joint Trust(TTEE) with my wife.

I have no idea what the abbreviation stands for, but I imagine this is some sort of revocable grantor trust into which you and your wife put certain assets and over which you and your wife exercise control. If so, the income is reported on your 1040 just like any other income. (You should have received 1099's in the SSN of one of you.)

If it's something else, please explain.

Phil Marti
VITA Volunteer

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Author: wjkorecki Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50235 of 121219
Subject: Re: Tax Reporting of Income from a TRUST Date: 4/13/2001 11:59 PM
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THANKS for the "great" confirmation of my suspicions and here I spent all night trying to read and figure out what to do with IRS Form 1041.

I have no idea what TTEE stands for either, but I'll find out from the broker. Everything you said in your reply about the trust is correct. You are very discerning. Thanks again Phil.

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50236 of 121219
Subject: Re: Tax Reporting of Income from a TRUST Date: 4/14/2001 1:48 AM
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I believe "TTEE" is an abbreviation for "Trustee".

Ira

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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50244 of 121219
Subject: Re: Tax Reporting of Income from a TRUST Date: 4/14/2001 8:07 AM
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I have no idea what TTEE stands for either,

<sound of bell clanging> Now I do. I just wasn't visualizing this on a piece of paper, like a statement. It stands for "trustees," and probably appears after your and your wife's names.

Phil Marti

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