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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I am preparing my grandfathers taxes this year. He is the

Customer Question

I am preparing my grandfathers taxes this year. He is the beneficiary of a survivor's trust and a family trust. My mother is the fiduciary of both these trusts. In the past, my mom's accountant filled out a Schedule K-1 for both of these trusts from my mother as fiduciary. The income/qualified dividends shown on these K-1's appear to be a calculation (approximately 48-53%) of the total income/qualified dividends he received from his year-end statements. I am now trying to prepare the 2009 K-1 and am wondering if there is some publication out there which will help me to determine what percentage I use for 2009. Thanks for your help!!
Submitted: 7 years ago.
Category: Tax
Expert:  Stephen G. replied 7 years ago.


You need to read the trust document. Also, who does the accounting for the trust? The amounts reflected on the K-1 would be determined by an allocation of the expenses to the various sources of income & the net would be reported on your grandfather's K-1. I assume he is the only income beneficiary and all of the income is distributed currently.