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My trustee whose company holds my father's trust of which i…

my trustee whose company holds...
my trustee whose company holds my father's trust of which i am a beneficiary just sent me an email saying "the FJM irrevocalve trust is closed" and refuses to answer when I ask what it means.
She also sent me a K-1 and said it was my responsibility to pay the AMT listed under code A and B. A tax person told me that the code A amount is what the trust paid 1-16-2018
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Answered in 1 hour by:
3/15/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,115
Experience: Taxes, Immigration, Labor Relations
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The "trust is closed" - means - all remaining assets are distributed to beneficiaries, a final tax return is filed and a final K1 is that you hold in your hands - just verify it is marked as final in the header.

That also means - the trustee terminated his/her fiduciary responsibility and liability.

You will need to use all that information for your tax return preparation.

Box 12 - items listed under code A and B are NOT AMT taxes paid by the trust and are NOT AMT taxes that you should pay.

These are items which will be used on your tax return to verify IF you will have any AMT tax liability.

When you prepare your tax return - you will use form 6251 - and these items will be transferred to this form in additional to your own information.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,115
Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 4 months ago
thanks much
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