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.

  1. Attorney
    1. Do you have an attorney assisting you with the trust?
    2. We'll need a copy of any attorney letters that provide instructions for the trust's tax return.
  2. EIN
    1. Does the trust have an EIN (Employer Identification Number)?
    2. The attorney may have requested an EIN, and if not, we can apply for one.
    3. The EIN is provided by the IRS and it acts as a tax identification number for the trust. 
  3. Trust information
    1. 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.
  4. Beneficiaries
    1. We'll need a list of beneficiaries and their percentages (which should be listed in the trust).
    2. Beneficiaries should be given W9 forms to complete. The W9 form lists their name, address, Social Security number, along with any backup withholding requirements.
  5. Banking information
    1. Does the trust have its own bank account?
    2. If the account is interest bearing there may be a 1099-INT form to include on the return.
  6. Assets
    1. Are there any assets being sold?
    2. 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.
    3. For stock or securities sales, we'll need the broker statement. Possible brokerage forms are 1099-INT, 1099-DIV, and 1099-B.
  7. Income
    1. Does the trust have any assets that produce income, such as a rental property?
    2. Does the trust receive any income statements, such as a 1099-R?
  8. Expenses
    1. We'll need a list of expenses for the trust, such as notary fees, attorney fees, bookkeeping or other services. 

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