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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29919
Experience:  Taxes, Immigration, Labor Relations
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I set up an irrevocable trust for my daughter 12 years ago.

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I set up an irrevocable trust for my daughter 12 years ago. I have made the maximum contribution each year and the trust paid taxes on any gains. She has about $100,000.00 available and if she took it all out at once is the entire amount taxable as ordianry income?

LEV :

Hi and welcome to Just Answer!
As long as the trust paid all income taxes - the distribution to the beneficiary is not taxable.
Let me know if you need any help or clarification.

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