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My aunt had a revocable trust. She passed away in April 2015. My plan was to let the trust pay taxes on income and then distribute what is left to the beneficiaries. Is that a valid option? There was $33006 in income and the trust would pay $11,300 in taxes rather than pass the burden to all the beneficiaries.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

HRBlock Business is trying to make me distribute all of the income. My lawyer had told me that my plan was valid.

Submitted: 2 years ago.Category: Tax
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3/5/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,338
Experience: Taxes, Immigration, Labor Relations
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You might be aware that a revocable trust became irrevocable after the settler passed away.

It is possible that the trust pays taxes on income, if there is NO distributions and if distributions are not required according to trust documents.

However - if there are any distributions during the tax year - these are allocated to taxable income first - and correspondingly tax liability is passed to beneficiaries.

Questions?

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Customer reply replied 2 years ago
Thanks. I am not happy with this process that wants a recurring $38 per month charge. I won't be asking any more questions.
Tax Professional: Lev, Tax Advisor replied 2 years ago

I just want to be sure that you are satisfied with the answer I provided.

If you need any clarification or help with reporting - I am here to help with all tax related questions.

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