Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Trust and Partnerships K-1s issue

thetaxdoctor
Level 1

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.

Labels (1)
0 Cheers
3 Replies 3
Just-Lisa-Now-
Level 15
Level 15
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)

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
thetaxdoctor
Level 1

yes and it is a 1065 K-1 for a partnership

0 Cheers
Just-Lisa-Now-
Level 15
Level 15
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.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers