Grantor Trust Agreement For Tax Purposes
Description
How to fill out Grantor Trust Agreement Between Cumberland Mountain Bancshares, James J. Shoffner, Et Al.?
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FAQ
A grantor letter is not the same as a K-1. Partners in a real estate partnership file a K-1 annually. The partners use a K-1 to show their share of income in the real estate partnership. Although the real estate partnership sends out Schedule K-1 for Form 1065, it doesn't pay taxes on income.
If you set up an irrevocable trust, you must fill out a W-9 form so that the IRS can grant you a taxpayer identification number for your trust. Provide the name of the trust at the top of the form where the IRS asks for a name. Do not put the name of the trustee in this space, just the name of the trust.
Income is reported on an attachment to the Form 1041, which also identifies the grantor as the owner of trust income. Under the first alternative method, the trustee is charged with providing payors of trust income with the grantor's taxpayer identification number and mailing address.
Entering the Grantor Trust data directly into the 1040 returnOpen Screen K1T in the K1 E/T folder.Enter the Trust's identifying information, and mark the Grant Trust checkbox near the top of the screen.Enter data in the Grantor Trust Income, Expenses, and Other Information section at the bottom of the screen.
The general rule is that all grantor trusts must file a Form 1041, which contains only the trust's name, address, and tax identification number (TIN) (see Regs.
