Unfortunately Community Fund Ohio cannot provide tax advice and the answer depends on each taxpayer’s individual situation. The Trust is not tax exempt and tax information may need to be reported on the Beneficiary’s or Grantor’s tax return, depending on the type of Trust. We recommend consulting with a tax advisor for advice. Also, remember that even if income is required to be reported on a tax return, that does not automatically mean that income tax will be owed.
This depends on the type of trust. For Pooled Medicaid Payback Trusts and irrevocable Master Trusts, the Designated Advocate will receive tax documents on behalf of the Beneficiary. For revocable Master Trusts, the Grantor will receive tax information to be reported on the Grantor’s own tax return.