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rakhi.v, Tax Attorney
Category: Tax
Satisfied Customers: 4545
Experience:  Have graduated in Law with specialization & emphasis in Financial Laws and has working experience of over a decade.
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Does a qsst have to file a 1041 as a grantor trust or can the

Customer Question

does a qsst have to file a 1041 as a grantor trust or can the k-1 from the
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: does the qsst have to file a 1041 or can the s corp's k-1 be issued directly
JA: Anything else I can tell the Accountant before I connect you two?
Customer: to the income beneficiary.
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Submitted: 1 year ago.
Category: Tax
Expert:  rakhi.v replied 1 year ago.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you. Please note that a QSST will NOT report any earnings of whatsoever nature directly to its beneficiary. It is the S-Corp that reports. Having said this, it is the beneficiary which is the effective owner. The QSST is still a conduit trust, therefore the QSST meets the requirements of PLR and IRC code requirements to not file a tax return. The S-corp should issue the K-1 to the beneficiary of the QSST as it did during the life of the original beneficiary. I am sure this would help. You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question. Warm Regards,