Form 5227 for grantor trust?

[KSC]

I am doing a Grantor Trust.  Should the form 5227 be part of this filing.

No one is deceased, no funds held for charitable purposes; can I delete the 5227?

[Randall]

I'm not sure about the Form 5227 but I thought a Grantor Trust didn't file a tax return.  All items reported as the grantor's individual return with his/her ssn.

 

[Terry D EA]

What is the name of the Trust? I use 5227 every year for a CRUT "Charitable Remainder UniTrust". The answer to your question lies within the type of trust you are dealing with. Split interest trusts, charitable lead trusts are also required to file form 5227.

BTW- Form 5227 is usually combined with form 1041. If you are using Drake they are both considered fiduciary returns. In my case, while certain information from the input screens flow to the form 1041 and associated forms, I don't file them and just ignore them. There is no way to delete them from the return. These things are not eligible for efile and get mailed anyway.

[Sara EA]

13 hours ago, Randall said:

I thought a Grantor Trust didn't file a tax return.  All items reported as the grantor's individual return with his/her ssn.

It depends on how the assets are titled.  If the trust has an EIN and bank accounts etc. are reported to that number, the trust has to file a 1041.  It can choose to pass all income and expenses to the grantor via a statement attached to the 1041.

[jklcpa]

I'll be surprised if this new user comes back or is an actual preparer. This topic was one where I moved the post after this person tried to revive a topic from 2009.