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I have a client who is trustee of an irrevocable trust. The
I have a client who is trustee of an irrevocable trust. The trust has 2 beneficiaries that receive 1099-B from a broker. The 1099 has dividend as well as capital gains income. Does the K-1 to each ben… read more
Lev
Lev
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I am a beneficiary of a irrevocable trust that issues a
Hello I am a beneficiary of a irrevocable trust that issues a mandatory distribution of 50,000.00 net of taxes. A bank has been issuing the distributions to me as principal distributions. They have no… read more
Robin D.
Robin D.
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My wife inherited an investment through a living trust that
My wife inherited an investment through a living trust that was liquidated due to a sale of the investment property by an investment brokerage. It's my understanding that since this was inherited thro… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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Same question on the taxation of interest and dividends (on
Same question on the taxation of interest and dividends (on mutual funds) earned inside a disclaimed portion trust ... disclaimer trust . The original owner of a trust passed and the spouse declined a… read more
Lev
Lev
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Equity Trust Company, sent a 1099 for Box 1 $61,700 and then
Equity Trust Company, sent a 1099 for Box 1 $61,700 and then a Corrected 1099 - same amount - but Box 2a as $61,700. This was a principal amount my husband put in a self directed IRA and removed quick… read more
Lev
Lev
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Bachelor's Degree Equivalent
27,828 satisfied customers
My mother just passed away recently and among other things
My mother just passed away recently and among other things left an irrevocable trust to my sister and me. My question is when the assets of the trust are disbursed do we have to pay INCOME TAX on the … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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A client of mine (I am a tax preparer) had a boyfriend that
A client of mine (I am a tax preparer) had a boyfriend that died during 2014 and, according to his will, left her money in a brokerage account. Since my client lived with her boyfriend she received al… read more
Lev
Lev
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Questions re a simple irrevocable trust: 1. I as trustee
Questions re a simple irrevocable trust: 1. I as trustee distribute principal to the beneficiary (my brother) to pay costs of “running” the house owned by the trust and in which he resides. These moni… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Im a Cdn/US citizen living in Canada. I own shares in my
Im a Cdn/US citizen living in Canada. I own shares in my dental Prof Corp that generates all of its income from my engagement with the company as a dentist providing dental services. This company pays… read more
Robin D.
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I am executor of a trust. I have completed the 1041. I reside
I am executor of a trust. I have completed the 1041. I reside in DC. My father who created the trust, died in NC. NC told me they only tax income generated in NC and/or beneficiaries who are residents… read more
Stephen G.
Stephen G.
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I am filing a Trust account first time and am unsure
I am filing a Trust account for the first time and am unsure if I have to file a K1. A k1 was filed when the estate funds were distributed last year.… read more
Lev
Lev
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My disabled 11 yo son is the beneficiary of a 3rd party funded
My disabled 11 yo son is the beneficiary of a 3rd party funded special needs trust.It is considered a Grantor trust with him as beneficiary. Question: How are the earning taxed in this Special needs t… read more
jgordosea
jgordosea
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My father in laws trust currently states that upon his death,
My father in law's trust currently states that upon his death, each of his two daughter's will receive $1500 per month until the trust is depleted. The total value in the trust for investment purposes… read more
jgordosea
jgordosea
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My sister just passed away and left me as Trustee of an Irrevocable
My sister just passed away and left me as Trustee of an Irrevocable Trust for her daughter. I am to start paying her $1000 per month this month. The money in the Trust is all cash and was funded by th… read more
JKT
JKT
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My mother, who passed away in May 2008, had a revocable living
My mother, who passed away in May 2008, had a revocable living trust. All the assets of the trust were stocks for various companies and have been transferred to her 5 beneficiaries. I applied for a ne… read more
Arthur Rubin
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In regards XXXXX XXXXX large trust account distribution, does the
In regards XXXXX XXXXX large trust account distribution, does the IRS mandate the DNI be distributed before principle? Situation: The trust has enough losses+expenses to generate $0 tax liability. The… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
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How do you determine 1041 income in year of death if it is
How do you determine 1041 income in year of death if it is very close to the end of the tax year? Decedent died late November 2006 and I just "inherited" this account with two years to quickly file. N… read more
Bill
Bill
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How are mutual fund distributions allocated to the ...
How are mutual fund distributions allocated to the beneficiary of a simple trust that is in an IRA?… read more
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Bill
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