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am i correct that distributions of dni made after the close

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of the tax year and...
am i correct that distributions of dni made after the close of the tax year and before the deadline for the filing of the trust return can be deducted in the tax year?
Submitted: 6 years ago.Category: Tax
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4/1/2011
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 6 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Hi and welcome to JustAnswer:

 

No. However there is a 65 day rule where the trustee can elect to treat distributions made within the first 65 days of the following tax year as having been made in the prior year. If the election is made, the distributions are not counted as distributions in the current year.

MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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