How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I set up an irrevocable trust for my daughter 12 years ago.

This answer was rated:

I set up an irrevocable trust for my daughter 12 years ago. I have made the maximum contribution each year and the trust paid taxes on any gains. She has about $100,000.00 available and if she took it all out at once is the entire amount taxable as ordianry income?

LEV :

Hi and welcome to Just Answer!
As long as the trust paid all income taxes - the distribution to the beneficiary is not taxable.
Let me know if you need any help or clarification.

Lev and other Tax Specialists are ready to help you

Related Tax Questions