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I hired a tax accountant for my Grandmothers trust. She died…

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I hired a tax...

I hired a tax accountant for my Grandmothers trust. She died in 2017 and most of her money was already paid out to the 4 beneficiaries. My tax accountant is asking for the social security number's of the beneficiaries. Does he need this information in order to file her 2017 individual, estate or trust taxes.

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

I think I already sent all the necessary information. I don't have social security numbers for 3 of the beneficiaries.

Submitted: 1 month ago.Category: Tax
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Answered in 5 minutes by:
3/18/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month 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, 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, since 1986.

Bear with me just a moment.

I'm reviewing your question now and typing up my reply.

...

I'll post that in just a few moments. Then, let me know if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

Yes, unless you want the trust to owe tax on all of the income (trusts get to the 39.6% bracket at 12,000+ of income ... where individuals do not reach that level of taxation until their income is over $400,000.

...

He is asking for this so that he can use the 1041's schedule K-1 to distribute out the income to the beneficiaries, (by taking a distribution deduction on schedule B of the 1041, so that the trust doesn't pay the tax).

...

Now, is what was distributed was all corpus (principal) and there was only a small amount of income, then he can let the trust pay the tax.

...

But typically passing out income (where there IS income) has the higher tax benefit, leaving more to be distributed to the beneficiaries

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

What did the estate consist of?

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

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")

But if you need more here, please let me know.

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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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