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 Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13323
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

I recieved money. On 12/30/2015 I'm the amount of $17,700.00

Customer Question

I recieved money. On 12/30/2015 I'm the amount of $17,700.00 from a trust as a result of my grandmother's death. I need to know how much to keep back for taxes. I live in California
Submitted: 11 months ago.
Category: Tax
Expert:  Robin D. replied 11 months ago.

Hello

If money is distributed to a beneficiary, then whether it is taxable or not to the beneficiary will depend on whether principal or income was distributed, and if it was income, then whether it was tax-free income or retained income from previous years that the trust has already paid tax on.

If the amount is taxable, it will be added to your other income. Then the tax would be calculated on all income. If this is all your income for the year and it is taxable, your tax could be estimated at $700 and $270 CA.

That is estimated on ordinary income of the $17,700.

After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.
I know rating takes an additional step and I truly appreciate it when you take the extra time!

Related Tax Questions