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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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Lev! I need to file a 1041 Special Needs Trust.

Customer Question

Hi Lev! I need to file a 1041 for a Special Needs Trust. The Trust had only one deposit in the amount of $641 for 2015. Where do I report that in the 1041?
JA: Thanks. Can you give me any more details about your issue?
Customer: I'll try - I have a granddaughter who is disabled. We setup a Trust to put funds from SSI. Her caretakers (facility - not at home) are asking for an Information Only Return. Does that help?
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 8 months ago.
Category: Tax
Expert:  Lev replied 8 months ago.
We need to clarify the type of the deposit - is that income?Also - whether the trust earned any income credited to the trust?Interest income on bank account?
Customer: replied 7 months ago.
It is Other Income, not SSI or Earned Income.
Expert:  Lev replied 7 months ago.
If you are not able to characterize that income to any listed on lines 2-7 - then report that amount on line 8 as Other income.Put income type on dotted line.https://www.irs.gov/pub/irs-pdf/f1041.pdfLet me know if you need any help with reporting.
Customer: replied 7 months ago.
Thank you!
Expert:  Lev replied 7 months ago.
I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.

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