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Trust Documents & Information Needed:

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

  • Trust's address

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

  • 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.

  •  Appraisal of real estate (if applicable).


Expense Documents:

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

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

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

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


Deductions and Credits:

 

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

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

  • 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.

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