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Generally the beneficiaries of a trust do not pay tax on distributions from the trust's corpus, or principal. Distributions from the trust's income are taxable to the beneficiaries in the year received.
You should have received a Schedule K-1 from the trustee. This document will break out the corpus and income distributions. To enter the K-1 in TurboTax, please follow these steps:
What about those of us that don't use the online version of turbotax. I am a beneficiary (technically "current beneficiary") of a trust and I get a K-1 from the trustee every year. where do I put that in when doing my taxes using Turbotax Premier????
Take a look at the following TurboTax article for step by step instructions to enter K-1s into your return. The article starts with instructions for TurboTax Online, but there is a link to open instructions for a CD/download version of TurboTax as well. The link is just above the video.
Where do I enter a K-1 that I received?
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