1660667
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts Tax Breaks For Your Side Gig! >> Event happening TOMORROW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Estate Distribution to a Trust

I am the executor of an estate.  This past year we sold the house of the estate.  I have to use some of the estates funds from the sale to fund a trust.  My question is when I  am completing 1041, do i make the "Trust"  a beneficiary and show the distribution funds to the Trust on a K-1?  I am not the Trustee that is being managed by someone else.

 

 

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Estate Distribution to a Trust


@RRDubu wrote:

My question is when I  am completing 1041, do i make the "Trust"  a beneficiary and show the distribution funds to the Trust on a K-1? 


You should seek both legal and tax guidance for this matter, but a testamentary trust (specified in the Will of a decedent) would not ordinarily be treated as a beneficiary of the estate.

 

View solution in original post

2 Replies

Estate Distribution to a Trust


@RRDubu wrote:

My question is when I  am completing 1041, do i make the "Trust"  a beneficiary and show the distribution funds to the Trust on a K-1? 


You should seek both legal and tax guidance for this matter, but a testamentary trust (specified in the Will of a decedent) would not ordinarily be treated as a beneficiary of the estate.

 

Estate Distribution to a Trust

Thank you, you are correct that this is testamentary trust and i felt strongly that I should not make the trust a beneficiary.  I will get some legal feedback but i believe you are confirming my understanding so far.  Thanks for the rapid feedback.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question