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i am the beneficary of money in a trust i am 75 years old and

Customer Question
wanted to know f the...
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: 7 years ago.Category: Tax
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Answered in 43 minutes by:
9/3/2010
Tax Professional: socrateaser, Lawyer replied 7 years ago
socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39,376
Experience: Retired (mostly)
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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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