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    Dahlen23's Avatar
    Dahlen23 Posts: 1, Reputation: 1
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    #1

    Apr 2, 2007, 12:34 PM
    Revocable Trust (Grantor) Trust w/3rd party trustee
    It was my understanding that if a grantor set up a revocable trust and a third party (let's say a bank) was named as trustee, the trustee was required to file a Form 1041. I am unable to locate any IRC or other guidance that would confirm or deny this. Please help.

    Thank you.
    Diana
    Mobea's Avatar
    Mobea Posts: 220, Reputation: 15
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    #2

    Apr 3, 2007, 01:23 PM
    Yes, the trustee is the one responsible for filing the 1041. Also make sure that all income earned (interest, dividends, capital gains, etc) by the trust was distributed. If not the trust will pay a whomping 35% tax on it if it stayed in the trust.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Apr 13, 2007, 11:58 AM
    No comment!
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