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socrateaser, Lawyer
Category: Tax
Satisfied Customers: 37815
Experience:  Retired (mostly)
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i am the beneficary of money in a trust i am 75 years old and

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i am the beneficary of money in a trust i am 75 years old and wanted to know f the trust doesn't restrict my removing money am limited by the IRS by any penalty,i know i wll pay taxes on any money i remove at end of year
Submitted: 6 years ago.
Category: Tax
Expert:  socrateaser replied 6 years ago.

There is no penalty for taking a distribution from a private trust. And, you may or may not have a tax liability, depending upon whether or not the distribution is principal or interest.


Hope this helps.


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