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Deceased Trust and income

Technical topics regarding tax preparation.
#1
Posts:
215
Joined:
2-May-2014 8:21am
Location:
Missouri
TP died 8/18/18. He and his wife each have their own revocable trust and his wife is Trustee of deceased TP's trust. The family wants to keep their dad/husband's trust open because it's the beneficiary of their mom's trust and a life insurance policy. (not sure why they would set this all up like this but then I only know enough about Trust's to be dangerous)

The deceased TP's trust only has 2018 income of
$11 interest
$1384 Ordinary dividends
$1232 Qualified dividends
$195 Exempt-interest dividends

Would they report this on TP and wife's 2018 joint return or does a 1041 need to be filed for the deceased TPs trust or do you need more information than I have provided?

Thanks for any help.
 

#2
Posts:
73
Joined:
21-Apr-2014 8:03am
First, determine who owns the assets that generated the above income???

Read the trust document. It should say what is to happen at death. Typically, it will say the spouse will get all the income. If so, the trust will file a 1041 which then shows the beneficiary as the spouse??

Make sure you are not talking about two different things: 1: "deceased trust" you may be talking about the deceased estate accounting??? 2: "deceased revocable trust" is an entirely different entity.
 


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