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.
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 MartiVITA Volunteer
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.
I believe "TTEE" is an abbreviation for "Trustee".Ira
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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