1041 refunds

Forum|Forum|1 year ago
October 9, 2024
1 reply
6 views

If there is a tax refund for a 1041 simple trust and there is a K1 beneficiary. Who will the check be made to? The trust or the K1 beneficiary?

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IRonMaN

Level 15

The trust

Slava Ukraini!

D

dr58lj15Author

Level 3

As a follow up Question, if the check comes in the name of the Trust, can the named executor on the IRS EIN form endorse this check? Or does it need to be deposited into a bank account with the Trust's name? Please keep in mind the refund that we are looking for is for a 2022-year 1041 which should have been done in 2022 year. This estate is not going into probate, and the money was invested money which the deceased left to the one beneficiary who is also the executor.

BobKamman

Level 15

Trusts don't have executors, they have trustees. I suspect the check will be payable to "John Doe, Trustee of the Richard Roe Trust," but it might just be shortened to "John Doe TTEE." I suggest get the return filed and find out, then worry about where and how to cash it.

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