Form 1041 question for Terry
Hi. Very confused here. Went to AARP free tax help appointment for seniors. I am married and filing jointly with my husband. I also am the trustee for a revocable trust for myself and learning disabled sister, inherited from our dad in 2022. We were told that we need a 1041 or K1 form today in order to finish our taxes. I contacted JPMorgan who told me they can send me a 1099 form, but they cannot generate a K1 for us. The AARP tax preparer said they cannot generate a K1 either, but to get one and they can use it to finish preparing our taxes. I am picking up the 1099 tomorrow. Who can generate this K1? Do I have to hire a tax preparer or can I get the form and fill it in? We are worried about being held at fault if we do owe anything. AARP said we may or may not owe. Thank you sincerely for any help. My dad had a brokerage account and IRA that is still with Chase Bank in town. I am getting the 1099 from them in the morning. Thank you for any insight or help.
Terry Says
I’m not a tax expert, but a K-1 is used to report income from a “pass-through” entity, such as a partnership.
So assuming the trust has investments or CDs, and earned interest, and uses your SS number, the bank should give you a 1099 for that income. And then you’d report it on your own tax return.
I see no reason for a K-1. Maybe find a more sophisticated advisor.
