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socrateaser
socrateaser, Lawyer
Category: Tax
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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: 4 years ago.
Category: Tax
Expert:  socrateaser replied 4 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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socrateaser, Lawyer
Category: Tax
Satisfied Customers: 34113
Experience: Retired (mostly)
socrateaser and 6 other Tax Specialists are ready to help you

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