How Do I File A Trust Fund Income Tax Return?

Didnt know I had to file a small trust fund for my sister, only $10,000,00, recieved from Mother’s life insurance . I need help doing this.Have already sent in Federal and State Returns for my huband and myself. The only income i received was from the death benefit ( half of it) $250.00 and had $25.00 witholding taken out before i received it. This arrangement for the Trust Fund was arranged by my Mother and lawyer before she died. My sister gets SSI and has a Medical Card.She is a Disabled person.

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This entry was posted on Friday, February 12th, 2010 at 11:43 pm and is filed under Fund. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “How Do I File A Trust Fund Income Tax Return?”

  1. The value of the trust fund is irrelevant, you only need to file if the trust fund’s income was >$600 or a beneficiary is a nonresident alien.
    The trust should have received 1099-INTs, 1099-DIVs, or 1099-S, and if those add up to less than $600 you’ll be ok.
    Basically, if the income was >$600, you need to file a 1041 for the trust. Good luck.

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