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Received 1099 for Trust

BrooklynAcct
Level 2

Hi. In preparing a personal 1040 for a client I noticed she included a consolidated 1099 for a trust, named  "(name) and (name) TTE

The (Names) Pres Trust

U/A DTD 04/28/2017"

2 trustees. Does this trust have to issue a 1041 and K1s, or can I split the divs and int between the 2 trustees? I know nothing about estates and trusts. But it does have its own EIN.   TIA, Gary

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2 Comments 2
qbteachmt
Level 15

"for a trust, named "(name) and (name) TTE <== trustees

The (Names) Pres Trust <== The Trust

U/A DTD 04/28/2017" <== Under Agreement, so those Named trustees are not the grantor. Someone knows more about this. You might want to defer on it.

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BobKamman
Level 15

"Under Agreement Dated xx/xx/xxxx" refers to the trust instrument, which very well could be an agreement between the two grantors who are also the trustees.