I have opened a trust account with my children as trustees whose income is used when filing taxes
Your question is confusing, and quite frankly makes little sense. You need to talk to a tax professional --- either a CPA, enrolled agent, or tax attorney --- to review the trust document and any 1099s or other tax documents and prepare the fiduciary income tax return for you. You should not try to prepare this return on your own --- a fiduciary income tax return is not a DIY project!
Ms. Willi is a tax attorney, CPA, and Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Westerville, Ohio. She serves client families and private business owners throughout Ohio. Ms. Willi responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but her responses are not legal advice and do not create an attorney-client relationship. Her posts are provided for informational purposes only and are not a substitute for advice provided by an attorney or licensed tax professional. Her phone number is 614-890-0500 and her website is www.willilaw.com.
An irrevocable trust is a separate legal entity. It has its own tax identification number and the IRS will expect a completed tax return if the income earned exceeded the requirement threshold.
The cost to prepare that return will likely be borne of the trust income. However, there is a remote chance that the trust could place responsibly elsewhere. Regardless, the return needs to be prepared. Contact an account or attorney to get the job done.
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