I guess I'm confused as to how/why I would need to generate a K1.
I have a trust, I was provided all of the 1099 info by Schwab, and I entered all of the trades/income/losses/etc (1099-int, 1099-div, 1099-b,) from the trust to file with my personal taxes. Everything went smooth.
Schwab provided me the 1099s and summaries, but no K1. I would imagine if I *didn't* manually enter all this info, I'd have to generate a K1 myself?
I apologize for my ignorance.
Do I need to generate a K1 if I manually entered all 1099 info from trust?
byu/GameMisconduct63 intax
Posted by GameMisconduct63
3 Comments
What kind of trust is it? Is it a revocable trust you created? An irrevocable trust you created? An irrevocable trust someone else created? Are the 1099s issued under a trust EIN or your SSN?
If the trust is a grantor trust (a revocable trust you created would fall into this category, but any other trust would need to be analyzed to see whether it is a grantor trust or not), there are multiple ways things could be reported, which generally don’t involve a K-1.
If the trust is not a grantor trust, then it likely needs to file its own 1041, which may then flow income out to the trust beneficiaries on a K-1 if distributions were made.
It depends on what kind of trust it is. If the 1099s were issued to the trust, and not with your SSN, the income does not go on your return. It goes on the trust return.
OP – from the entire thread, it appears the Trust is a separate taxpayer from you, and you are not the trustee.
First step is for the Trustee of the trust to handle the trust tax returns. THEN the trust MIGHT have a k-1 to give to you as the beneficiary.
The trust K-1 sent to you by the trustee is YOUR tax information.
All of the schwab info you have entered is the TRUST’s information, not yours.
My point – this (the trust income) isn’t your problem. This is your Dad’s problem. Once you receive a K-1, then its your problem again.