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I cashed in some double EE bonds that were made out to a…

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I cashed in some...

I cashed in some double EE bonds that were made out to a trust. The bonds were deposited in trust account. I expect to receive a 1099 for 2017 from treasury for the taxable amount. I am the beneficiary of the trust. However I'd like to delay dispersing the proceeds to myself until 2018. Am I allowed to do that? Will the trust have to pay 2017 taxes on the profits from the bond sale or can I simply pay the taxes when I file my 2018 tax return

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

I don't think so

Submitted: 4 months ago.Category: Tax
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Answered in 2 minutes by:
12/14/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,026
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. my name's Lane ...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice to clients on three continents since 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

So Sorry, but the tax must be paid in the year the bonds were cashed.

...

You can either let the trust pay the taxes (at the much higher rates) or you can take a distribution deduction on the trust's income tax return (1041) and distribute the income out to yourself on the 1041's K-1 and pay the tax yourself

...

Please let me know what questions you have from here

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

OK still don't see you coming back in...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

..

But again, if you need more on this, or if I've not understood your question correctly, please let me know.

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,026
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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