What is a Grantor Trust?

A Grantor Trust is a trust whose existence is ignored for U.S. and Illinois income tax purposes. All of the property and income is treated as belonging to the grantor. A Grantor Trust does not file the U.S. Form 1041 or Form IL-1041, Fiduciary Income and Replacement Tax Return. Instead, the grantor reports all of the income on his or her U.S. Form 1040 and Form IL-1040, Individual Income Tax Return.

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