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My wife recieved 21000 dollars from a family trust. Do we…

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My wife recieved 21000 dollars...
My wife recieved 21000 dollars from a family trust. Do we claim this on our taxes? If so would we need to pay taxes for that amount?
Submitted: 2 years ago.Category: Tax
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Answered in 8 minutes by:
1/18/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,439
Experience: Extensive Experience with Tax, Financial & Estate Issues
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You should receive a Form 1041 K-1 which would tell you how much, if any, of the $21,000. is subject to income taxes. It is possible that the bulk, if not all, of the $21,000. is from the trust's principal, verses the trust's income, ot that the trust has already paid any tax due on the distribution.

Did you receive any correspondence with the $21,000.?

Who administers the Trust? Is it a bank trust department or an individual? You may need to check with the Trustee unless there is some indication in a cover letter than came with the distribution as to what it represents.

Does your wife know the approximate financial worth of the individual(s) who started the trust? Her parents?

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Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

Just checking in to see if you have any follow-up questions?

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks for using JustAnswer.com

Steve G.

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