USA Fill out a Form 1041, and any other form or schedule that should be prepared for Dolly White Children's Trust's 2021 taxes with the following information. This is the only info provided and needed.
Dolly White settled the Dolly White Irrevocable Children's Trust on May 9, 2005 (EIN: 33-655687). In 2021, the Trust had items of income and expense as follows: Amount Allocable to Income Principal Qualified Dividends $27,000 Non-Qualified Dividends 3,000 Rental Income from Monroe County Home 18,500 Charitable Gift to United Way 15,000 Tax-Exempt Interest 15,000 Rental Expenses* 3,500 Trustee's Fee 600 $ 600 Fee for Preparation of Tax Return 500 Capital Gain on Sale of Corporate Stock** 12,000 Distributions to Beneficiaries: Dan 18,000 Mike 9,000 The trust agreement appointed Umbrella Bank and Trust as its trustee with broad discretionary authority, including the Trustee's authority to distribute income to Dan and Mike during its 20- year term. The Trust will terminate on May 9, 2025 and the assets will be distributed equally to Dan and Mike, irrespective of any distributions the beneficiaries received during the life of the Trust(i.e. separate shares are not maintained for Dan and Mike). The Trust provides that capital gains are to be treated as principal by the Trustee. Umbrella Bank and Trust 9090 Money St. Auburn, IN 48007 EIN: 33-989898 Dan White 202 Avenue C. Butler, IN 48008 SS: 444-99-5555 Mike White 5050 A-Street, Room 555 Hicksville, IN 48009 SS: 444-98-6666 *The residential rental property is located at: 3405 Addison Ave. Fort Wayne, Indiana 46805. The expenses include: $250 commission paid to real estate management company for managing rental property, $2,000 for depreciation of the property allocated to income under the trust agreement). $250 for maintenance expenses, and $1000 for insurance. **Trustee sold Corporate Stock on May 2, 2021. The stock was purchased for $8.000 on May 2, 2007. Please use a 2020 Form 1041 or 2021 Form 1041, and any other form or schedule required for the Dolly White Children's Trust. Dolly White settled the Dolly White Irrevocable Children's Trust on May 9, 2005 (EIN: 33-655687). In 2021, the Trust had items of income and expense as follows: Amount Allocable to Income Principal Qualified Dividends $27,000 Non-Qualified Dividends 3,000 Rental Income from Monroe County Home 18,500 Charitable Gift to United Way 15,000 Tax-Exempt Interest 15,000 Rental Expenses* 3,500 Trustee's Fee 600 $ 600 Fee for Preparation of Tax Return 500 Capital Gain on Sale of Corporate Stock** 12,000 Distributions to Beneficiaries: Dan 18,000 Mike 9,000 The trust agreement appointed Umbrella Bank and Trust as its trustee with broad discretionary authority, including the Trustee's authority to distribute income to Dan and Mike during its 20- year term. The Trust will terminate on May 9, 2025 and the assets will be distributed equally to Dan and Mike, irrespective of any distributions the beneficiaries received during the life of the Trust(i.e. separate shares are not maintained for Dan and Mike). The Trust provides that capital gains are to be treated as principal by the Trustee. Umbrella Bank and Trust 9090 Money St. Auburn, IN 48007 EIN: 33-989898 Dan White 202 Avenue C. Butler, IN 48008 SS: 444-99-5555 Mike White 5050 A-Street, Room 555 Hicksville, IN 48009 SS: 444-98-6666 *The residential rental property is located at: 3405 Addison Ave. Fort Wayne, Indiana 46805. The expenses include: $250 commission paid to real estate management company for managing rental property, $2,000 for depreciation of the property allocated to income under the trust agreement). $250 for maintenance expenses, and $1000 for insurance. **Trustee sold Corporate Stock on May 2, 2021. The stock was purchased for $8.000 on May 2, 2007. Please use a 2020 Form 1041 or 2021 Form 1041, and any other form or schedule required for the Dolly White Children's Trust
