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Subject Author Date
form to declare interest earned on a trust J 12-22-2006
Posted by J on December 22, 2006, 1:33 am
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 My mom passed away earlier this year. Her assets were in a
trust. They were distributed to 5 heirs after about 9
months. I believe there is a tax form that each person must
fill out declaring their portion of the interest earned on
the assets in the trust from the time of her death to the
time it was distributed. Does anyone know the form number?
I searched irs site to no avail.

tia

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Posted by parrisbraeside@yahoo.ca on December 23, 2006, 1:28 am
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 J wrote:

> My mom passed away earlier this year. Her assets were in a
> trust. They were distributed to 5 heirs after about 9
> months. I believe there is a tax form that each person must
> fill out declaring their portion of the interest earned on
> the assets in the trust from the time of her death to the
> time it was distributed. Does anyone know the form number?
> I searched irs site to no avail.

In Canada and Quebec, we use the trust's tax return to
handle that. You have not indicated the jurisdiction you are
in but I suspect you are in the US. Check your trust tax
return.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by parrisbraeside@yahoo.ca on December 23, 2006, 1:47 am
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Just thought, perhaps you are referring to a TX19 or MR-14.A
which are Clearance Certificate Application forms instead of
the T3 or TP646 Tax Returns.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Herb Smith on December 23, 2006, 1:47 am
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J wrote:

> My mom passed away earlier this year. Her assets were in a
> trust. They were distributed to 5 heirs after about 9
> months. I believe there is a tax form that each person must
> fill out declaring their portion of the interest earned on
> the assets in the trust from the time of her death to the
> time it was distributed. Does anyone know the form number?
> I searched irs site to no avail.

The income is reported by the trustee (or executor) on form
1041 (Income Tax Return for Estates and Trusts). He/she will
prepare and disburse K-1 forms to each beneficiary,
outlining the type of income and whether it is taxable or
not. The beneficiary will use this data to enter the income
on their 1040 form, under the appropriate form or line
number. Schedule E will also be required to notify the IRS
that such income distribution has been received from the
trust/estate.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Benjamin Yazersky CPA on December 23, 2006, 1:47 am
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> My mom passed away earlier this year. Her assets were in a
> trust. They were distributed to 5 heirs after about 9
> months. I believe there is a tax form that each person must
> fill out declaring their portion of the interest earned on
> the assets in the trust from the time of her death to the
> time it was distributed. Does anyone know the form number?
> I searched irs site to no avail.

The trustee of the trust needs to go the their CPA and have
them prepare the trust income tax return, form 1041 and the
K1's which get distributed to the beneficiaries. It would
probably be a good idea for the trustee of this trust to
communicate with the executor of your mother's estate.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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