Trust Documents & Information Needed:

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Here's a list of items typically needed for filing a trust income tax return (Form 1041 in the U.S.):

Basic Information:

 

• Trust's legal name

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• Trust's address

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• Trust's taxpayer identification number (TIN or EIN)

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• Trustee's name(s)

Income Documents:

 

• Interest and Dividend Income: Statements from banks, brokerage firms, and other financial institutions showing interest and dividend income earned by the trust.

 

•  Rental Income: Records of rental income received from properties owned by the trust (if applicable).

 

• Business Income: Income statements if the trust operates a business.

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•  Appraisal of real estate (if applicable).

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•  Miscellaneous Income: Any other sources of income received by the trust.  Here's a list of common tax forms - https://www.wehnercpa.com/common-tax-forms

Expense Documents:

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• Operating Expenses: Receipts or records of expenses related to managing and maintaining trust assets (e.g., property taxes, insurance, repairs).

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• Interest Expense: Documentation of interest paid on debts incurred by the trust.

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• Professional Fees: Fees paid to attorneys, accountants, or other professionals for services related to the trust.

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• Trustee Fees: Documentation of fees paid to trustees or fiduciaries.

Deductions and Credits:

 

• Charitable Contributions: Records of charitable donations made by the trust.

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• State and Local Taxes: Documentation of state and local income taxes paid by the trust.

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• Other Deductions: Any other deductible expenses incurred by the trust.

Distribution Information:

 

• Details of distributions made to beneficiaries during the tax year, including amounts and dates.

Accounting Records (if applicable):

 

• Balance sheets, income statements, and other financial records that summarize the trust's financial activity for the year.

Legal Documents:

 

• Trust agreement or instrument outlining the terms and conditions of the trust.

Taxpayer Information:

Information about beneficiaries receiving income or distributions from the trust, including their names, addresses, and taxpayer identification numbers (TINs).

Previous Year's Tax Return (if new client):

 

• Copy of the previous year's trust income tax return (if applicable) for reference.

Tax Payments and Withholding:

 

• Documentation of estimated tax payments made throughout the year, or any taxes withheld.

Additional Forms and Schedules:

 

• Depending on the trust's activities and income sources, additional forms and schedules may be required to report specific types of income or deductions.