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Posted by Stuart A. Bronstein on November 7, 2007, 3:46 pm
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>>>>>>> However, if the trust is classified as a grantor trust, it
>>>>>>> is not required to file a Form 1041, provided that the
>>>>>>> individual grantor reports all items of income and allowable
>>>>>>> expenses on his own Form 1040, U.S. Individual Income Tax
>>>>>>> Return. Thus, the grantor/individual would pay the total tax
>>>>>>> liability upon the filing of his return for that taxable
>>>>>>> year.
>> All the income can be reported on your individual income tax
>> returns if you like.
> It sounds like you are saying you can file on your
> individual tax form or an alternative. What determines "if
> you like"? What is the alternative to filing on your own
> form?
He probably means that you can file a Form 1041 if you
choose. However that form will show that you are the one to
be taxed on the trust's income, so it will all show up on
your 1040 in any case.
Stu
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