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If the assets of a trust are transferred to a beneficiary
If the assets of a trust are transferred to a beneficiary before year-end does the income produced still need to go on the 1041 or does it just go on the 1040 since the 1099 issued is under the social… read more
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For decedent estate income tax return Form 1041, does there
For decedent estate income tax return Form 1041, does there need to be a K-1 to a beneficiary if all the income stays in the decedent's account? For example, the only income is some dividend income th… read more
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Do I file a 1041 for a trust as well as the K 1. Beneficiary
Do I file a 1041 for a trust as well as the K 1. Beneficiary of the trust is responsible for the interest income, which was the only income reported to the trust for 2018… read more
socrateaser
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I am trustee for an irrevocable trust established Feb 28,
I am trustee for an irrevocable trust established Feb 28, 2017. During calendar year 2017, the trust earned a total of $10,024.74. I did NOT distribute the income to the trust's beneficiary, which is … read more
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I received an inheritance of about $60K. It was paid from my
I received an inheritance of about $60K. It was paid from my aunt's trust, and I received a Form 1041, schedule K-1 from the trust. It shows significant income. Do I have to pay income tax on the inco… read more
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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
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As a surviving spouse, do I include cash received from my
As a surviving spouse, do I include cash received from my late husband's trust, to pay federal income tax?… read more
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My mother's estate is approximately 2 million. Most of the
My mother's estate is approximately 2 million. Most of the assets were distributed via beneficiary designations on retirement accounts. One brokerage account held by the family trust was distributed t… read more
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You did not answer the question concerning allocation of
You did not answer the question concerning allocation of pass through final year's deductions.… read more
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Hi . Just reading about special needs trusts and tax filing. I have a client who set one up for a disabled grandson.… read more
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I received a 1099-r because I withdrew $57,000 from a trust.
I received a 1099-r because I withdrew $57,000 from a trust. I had 20% federal taxes withheld. Is there a way to pass this tax credit through to me, the beneficiary so I can report on their k-1? The t… read more
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Lev
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Trust has $8,000 in ord div ($7,000 qualified) and NSTCL -400
Trust has $8,000 in ord div ($7,000 qualified) and NSTCL -400 and NLTCL -$18,000. What should Form 1041 and Sch. K-1 to the beneficiary (individual) look like when complete? I am confused.… read more
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A complex trust has existed for 5 years. Only deposit to trust
A complex trust has existed for 5 years. Only deposit to trust was $10,000, which was invested in a mutual fund. Only activity in mutual fund is quarterly dividends totaling $500 over 5 years; no capi… read more
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I have a friend that lost her husband last November 2012.
I have a friend that lost her husband last November 2012. Her husband was a consultant to many major car makes like Ford and Chrysler. After finishing a job for one of the automakers he would have to … read more
Lane
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Doing Form 1041 for a simple trust with one beneficiary. Income
Doing Form 1041 for a simple trust with one beneficiary. Income from the trust is distributable to the beneficiary and I've calculated the DNI using TurboTax. My question is whether the "Qualified div… read more
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I am the trustee for a credit shelter trust on behalf of my
I am the trustee for a credit shelter trust on behalf of my mother. Are distributions to her taxable?… read more
Jon Andrews
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My wife and I each have a irrevocable grantor trust,that has
My wife and I each have a irrevocable grantor trust,that has a real estate rental property in the trusts. The trusts have an EIN. I think the income from these trusts are reported as personal income. … read more
Lev
Lev
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My mother died in Sept. 2007, my father had already passed ...
My mother died in Sept. 2007, my father had already passed away. The estate was left to their 5 children. As executor I distributed $2,000 to each of the 5 siblings at the end of Dec. 2007. There was … read more
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