1041 Trust Checklist
Anderson Tax Service
1403 Foothill Blvd, Suite A
La Verne, CA 91750
phone & fax (909) 593-0355
clients@andersontaxservice.com
1041 Trust Checklist
This is a basic checklist for 1041 tax returns, often called Trust or Fiduciary returns. Trust returns may generate a K1 form which would be given to beneficiaries for reporting on their own individual return.
- Attorney
- Do you have an attorney assisting you with the trust?
- We'll need a copy of any attorney letters that provide instructions for the trust's tax return.
- EIN
- Does the trust have an EIN (Employer Identification Number)?
- The attorney may have requested an EIN, and if not, we can apply for one.
- The EIN is provided by the IRS and it acts as a tax identification number for the trust.
- Trust information
- We'll need a copy of the trust, or at least the first few pages that detail the name of the trust, the trustee(s), and the beneficiaries.
- Beneficiaries
- We'll need a list of beneficiaries and their percentages (which should be listed in the trust).
- Beneficiaries should be given W9 forms to complete. The W9 form lists their name, address, Social Security number, along with any backup withholding requirements.
- Banking information
- Does the trust have its own bank account?
- If the account is interest bearing there may be a 1099-INT form to include on the return.
- Assets
- Are there any assets being sold?
- For home sale transactions, we'll need the escrow paperwork. This will include the final settlement statement, and possibly other documents such as a 1099-S, and CA 593.
- For stock or securities sales, we'll need the broker statement. Possible brokerage forms are 1099-INT, 1099-DIV, and 1099-B.
- Income
- Does the trust have any assets that produce income, such as a rental property?
- Does the trust receive any income statements, such as a 1099-R?
- Expenses
- We'll need a list of expenses for the trust, such as notary fees, attorney fees, bookkeeping or other services.