unexpected int-1099

Forum|Forum|1 year ago
April 11, 2025
2 replies
6 views

the final 1041 on the trust was filed 2021....now I have received an unexpected legal award settlement (I had to prove I was an heir) .....the 1099-int is in the name of the trust and I deposited it into the trust acct last summer and it has not been distributed to myself or the other benis.....do I need to file and pay tax....file another final 1041?

Lacerte Tax

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George4Tacks

Level 15

How much? Just throw it on your personal and call it a day. Distribute as required and subtract the tax you might owe on the amount. Report it as Nominee Receipt (EIN of Estate)

Answers are easy. Questions are hard!

sjrcpa

Level 15

So why is a Trust account still open if it was "final" in 2021?

The more I know the more I don’t know.

C

cher52Author

Level 2

I kept the trust acct open in case any unexpected bills came up or tax payments due (only 15K in acct) ...plan to close the acct after I settle this unexpected award settlement that I applied for....the settlement check (15K) was made out to the trust with trust ein....should I file 1041 again and pay the taxes from the trust acct........I appreciate more specific instructions....I realize taxes need to be paid

Accountant-Man

Level 13

Especially since you still had the open account, AND because the trust received the check, you should file another "FINAL" 1041.

Pay the tax from the trust.

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