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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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Customer Question

Hi do I need to join or something to get answers to questions?
JA: No, you can ask a one off question to try things out.
Customer: My aunt had a revocable trust. She passed away in April 2015. My plan was to let the trust pay taxes on income and then distribute what is left to the beneficiaries. Is that a valid option? There was $33006 in income and the trust would pay $11,300 in taxes rather than pass the burden to all the beneficiaries.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: HRBlock Business is trying to make me distribute all of the income. My lawyer had told me that my plan was valid.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 9 months ago.
Category: Tax
Expert:  Lev replied 9 months ago.

You might be aware that a revocable trust became irrevocable after the settler passed away.

It is possible that the trust pays taxes on income, if there is NO distributions and if distributions are not required according to trust documents.

However - if there are any distributions during the tax year - these are allocated to taxable income first - and correspondingly tax liability is passed to beneficiaries.

Questions?

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Customer: replied 9 months ago.
Thanks. I am not happy with this process that wants a recurring $38 per month charge. I won't be asking any more questions.
Expert:  Lev replied 9 months ago.

I just want to be sure that you are satisfied with the answer I provided.

If you need any clarification or help with reporting - I am here to help with all tax related questions.

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I am here to help you with all tax related issues.

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