thetaxdoctor
Level 1
10-14-2021
06:44 PM
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Hi,
There is a trust that is the owner of a K-1 and the taxpayer also has a K-1 for the same entity as an individual.
Should the K-1 where the trust is listed as an owner be allocated for on a separate trust return versus on the taxpayer's return?
It might an inter-vivos trust, does that type of trust have to file a separate trust return? There are also multiple states that have documents related only to the portion where the trust is listed as the owner not the individual.
Thanks.
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Just-Lisa-Now-
Level 15
10-14-2021
06:51 PM
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So the trust and the individual were both partners or beneficiaries of another entity? (you dont mention which flavor of K-1 youre dealing with)
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thetaxdoctor
Level 1
10-15-2021
11:45 AM
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yes and it is a 1065 K-1 for a partnership
Just-Lisa-Now-
Level 15
10-15-2021
11:54 AM
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If you've got a 1065 K-1 in a trust EIN, and the amount of income on it generates a filing requirement, Im thinking you need to file the trust return.
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