Have a Tax Question? Ask a Tax Expert
Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.
I am sorry for your loss. With a trust it depends on who pays the tax. The tax would be either paid at the trust level or at the beneficiary level. Do you know what type of trust it is (Simple or Complex trust)?
You would be taxed on the earnings. Do you know if the trust was a revocable or irrevocable trust?