Does the beneficiary of a trust have a right to see the 1041 tax return for the trust?

Asked over 2 years ago - Palo Alto, CA

The trust is ongoing and files a 1041 every year.

Attorney answers (2)

  1. Janet Lee Brewer

    Contributor Level 17

    3

    Lawyers agree

    Best Answer
    chosen by asker

    Answered . The beneficiary usually has the right to an annual "accounting". If you've been provided with a balance sheet (statement of assets and liabilities) and an income statement (statement of income and expenses), then the trustee would not need to show you the 1041. However, you would have the right to receive (and definitely should so you can file your own tax return accurately!) a "K-1" form for your share of the income and expenses.

    The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an... more
  2. Steven J. Fromm

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Ms. Brewer offers sound advice. You should make the request for it in writing. If you are already getting a Form K-1 (1041) there should reallly be no problem here. If so get with an estate litigation attorney as this may be a sign of trouble or that the trustee is hiding something.

    Your facts are vague and for the most part complicated factually and from a legal standpoint. You need to sit down with an estates estates attorney to explore your options. This forum cannot give you what you need.

    Hope this helps.

    Please remember to designate a best answer to your question.

    Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website for more tax, estate and business articles is www.sjfpc.com.

    LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

29,467 answers this week

3,176 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

29,467 answers this week

3,176 attorneys answering