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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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I have received a trust from my grandfather that he set for

Resolved Question:

I have received a trust from my grandfather that he set for us grandchildren to receive when we turned 35, he passed about 22 years ago. The trust was in Florida and was disbursed to me while I lived in Wisconsin. Later the same year I moved to Florida. The trust was held in stocks and 100% disbursement to me in cash. Am I likely to have to pay income tax on the disbursement in either Florida or Wisconsin?
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

You should receive a form K-1 - from the trust that reports to you and to the IRS taxable portion of the distribution.

If would also report itemized types of taxable distribution - thus - because some of your distribution is a result of selling stocks held more than a year - that would be long term capital gain and is taxable at reduced tax rate - not more than 50%

Your actual federal tax rate depends on the total taxable income, filing status, deductions, etc.


There is no income tax in Florida, but there is an income tax in Wisconsin.

Because the distribution was made when you was a resident of Wisconsin - the taxable part of distribution will be included into your Wisconsin state income tax return.

Depending on your total taxable income - Wisconsin tax rates are between 4.6% and 6.75%.


Please let me know if you need any help to estimate your tax liability.


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