Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Thanks, everybody, for your input into this matter.

I know it's a bit late but I was busy putting into action what has been suggested here, as well as with a friend of mine who just happened to start processing trust returns for his firm this year and gave me a bit better an idea of what to expect.

Anyway, it turns out that I have a "COMPLEX" trust and not a grantor trust, despite the relative simplicity of the terms. Apparently "complex" is a form of tax management and not a testament to any background bickering over the document itself, but there it is.

Turbo Tax Commercial allowed me to plug in all the information I needed to prepare the return for the trust, and the tax manuals associated with the software allowed me to determine how the trust is taxed on any undistributed gains.

Since this past year was a "short year" as the trust was established in 2010, the filing was straightforward, but going forward, I will have to be hawkish about the financial dealings I make on behalf of the trust and the trustees, while Turbo Tax spits out the necessary forms to file.

Once again, thank you all for your assistance. You saved me from near crisis.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.