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Jim Revels
Jim Revels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 210
Experience:  Providing income tax / planning services for over 16 years on all entity and individual tax issues
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When the same beneficiaires receive distributions from

Resolved Question:

This will be the final return for these trusts.
Submitted: 6 years ago.
Category: Tax
Expert:  Jim Revels replied 6 years ago.

Thank you for choosing Just Answer. Can you be a little more specific with your question so I can help.

 

Kindest regards,

Customer: replied 6 years ago.
Reply to Jim Revels's Post: Not sure what you need to know. I've been Trustee of 2 trusts, a marital and family trust - the income of which could be paid to my mother while she lived. UPon her death, August 2006, the balance went to 5 individuals, at the rate of 1/3, 1/3, 1/9, 1/9, 1/9. The last three shares went to the children of a third daughter, deceased, of the creator of the original trust - my stepfather. I made most distributions in 2007 but small amounts reminaed (after bills were paid) in 2007 which I then distributed to the beneficiaries. The amounts in question are: Family Trust dividends = 4042.22 and interest 100.48. The Marital Trust dividends 200.88 and interest $80.20. Anything else you need?
Expert:  Jim Revels replied 6 years ago.

I'm sorry..maybe I am just working too much this busy season.. I do not know what your question is. Did it get cut off at the top? It only says "when beneficiares receive distributions from" and "this will be the final returns" I really would like to help.

 

Kindest regards,

Customer: replied 6 years ago.
Did you receive my second email with "more info"? My original question was something like: I was trustee for 2 trusts with the same beneficiaires. Upon the death of the primary beneficiaires, all distributions have been made - most in '07, the balance, after bills in '07 to the remaindermen. Since the beneficiaires/remaindermen were the same for both trusts created by the samae person (it was originally one trust which was dicided into family and martial upon the original cfeator's death, can I file just one return for both or must I do a return for each? HOpe this is clear...
Susan
Expert:  Jim Revels replied 6 years ago.

Thank you now I understand. Both of those trusts are two separate legal entities and will each require to have separate tax returns prepared. Additionally, if all assets were distributed in 2007 make sure to check the box that they are final returns. Additionally, I should note that separate returns should have been filed in 2006.

 

Kindest regards,

Jim Revels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 210
Experience: Providing income tax / planning services for over 16 years on all entity and individual tax issues
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