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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29919
Experience:  Taxes, Immigration, Labor Relations
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I receive dividends and interest via a trust that was

Customer Question

Hello! I receive dividends and interest via a trust that was set-up by my father (still living). The trust is handled by Hilliard Lyons. I received the 1099-DIV and 1099-INT from Hilliard Lyons showing what my dividend and interest income was in 2015. I also received a Form 1041 K-1 from the lawyers responsible. The interest and dividend differ between the K-1/1041 and the 1099 DIV/INT. Which form do I use for dividends/interest when filling out my 1040s?
Thanks in advance for your help!
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
forms 1099-DIV and 1099-INT - if issued in your name and your SSN - report income credited to YOUR account - and will be reported on YOUR tax return.If you think that is a mistake - you need to contact the sender asking for corrections.If these forms are issued in the name of trust and trust's tax ID - then you will need to give these forms to the lawyers who are responsible for the trust..Form 1041 K-1 issued in YOUR name will be reported on your tax return.
Customer: replied 1 year ago.
Thanks! The 1099s were sent to me by Hillard Lyons and is issued in the name of the trust I assume since my SSN is not included, only a xx-xxxxxxx number. The 1041 K-1 is from a law firm and has me listed as the "estate or trust's name". I assume I use the dividend and interest amounts on the 1041 K-1 to complete my 1040.
Expert:  Lev replied 1 year ago.
Correct - if forms are NOT issued in your name - you will need to send these form to the person who is responsible for that trust.
Expert:  Lev replied 1 year ago.
But they might already have that information.If you have a phone contact - it would be easy to verify.But do NOT include these amounts into your tax return...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.