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Grantor vs NonGrantor Trusts What are the Federal Tax Rules
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For other videos on Trusts and Form 1041 tutorials, see our playlist: • • Form 1041 (Trust Estate) Tutorials • The U.S. federal tax treatment of a trust will generally depend upon whether it is treated as a grantor trust or non-grantor trust. • A grantor trust is treated as if the grantor still retains control, use, and benefit of the assets, so the income and expense of the trust are reported directly on the grantor's federal tax return. The trust generally does not need to file its own Form 1041 tax return. • A non-grantor trust is treated as a separate taxpaying entity that files its own Form 1041. • The trust pays income taxes at the trust level unless distributions are made to the beneficiaries. In this case, the beneficiaries record their income and pay taxes. • For a larger database of tutorials, please visit our website and search for your question: • https://knottlearning.com/ • DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. • #Form1041 #GrantorTrust #NonGrantorTrust #Trusts
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