Corrected 1099s

[Avrum Lapin]

I recently received some corrected 1099's for a Trust of which I am
Trustee. (and sole beneficiary)

I already filed my 1041 (and my CA 541)

How long do I have to file an amended 1041

May be there will be another corrected 1099.

What if the corrections are such that they do not impact the amount of
taxes due?

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[Stuart O. Bronstein]

avru...@verizon.net (Avrum Lapin) wrote:

> I recently received some corrected 1099's for a Trust of which I
> am Trustee. (and sole beneficiary)
>
> I already filed my 1041 (and my CA 541)

If you are the trustee and sole beneficiary, I find it hard to believe
this would not be treated as a grantor trust under Section 678. If it
is, any income/deductions of the trust should go on your own 1040, not
a 1041.

--
Stu
http://DownToEarthLawyer.com

[avru...@verizon.net]

On Tuesday, April 4, 2017 at 4:39:13 AM UTC-7, Stuart O. Bronstein wrote:
> avru...@verizon.net (Avrum Lapin) wrote:
>
> > I recently received some corrected 1099's for a Trust of which I
> > am Trustee. (and sole beneficiary)
> >
> > I already filed my 1041 (and my CA 541)
>
> If you are the trustee and sole beneficiary, I find it hard to believe
> this would not be treated as a grantor trust under Section 678. If it
> is, any income/deductions of the trust should go on your own 1040, not
> a 1041.
>
> --
> Stu
> http://DownToEarthLawyer.com
>

This is the B (or the residual )Trust from an A/B Family Trust

After I die there are other beneficiaries and a corporate trustee

The B trust has its own EIN number and I have been filing 1041's since Tax year 2003

[Stuart O. Bronstein]

avru...@verizon.net wrote:
> Stuart O. Bronstein wrote:
>> avru...@verizon.net (Avrum Lapin) wrote:
>>
>> > I recently received some corrected 1099's for a Trust of which
>> > I am Trustee. (and sole beneficiary)
>> >
>> > I already filed my 1041 (and my CA 541)
>>
>> If you are the trustee and sole beneficiary, I find it hard to
>> believe this would not be treated as a grantor trust under
>> Section 678. If it is, any income/deductions of the trust should
>> go on your own 1040, not a 1041.
>

> This is the B (or the residual )Trust from an A/B Family Trust
>
> After I die there are other beneficiaries and a corporate trustee

Then you are not the only beneficiary. You are the only beneficiary
during your lifetime. And either you are not the only trustee, or
your power to distribute principal to yourself is limited.

> The B trust has its own EIN number and I have been filing 1041's
> since Tax year 2003

That has no bearing on whether or not this is legally a grantor
trust.

--
Stu
http://DownToEarthLawyer.com