I am trustee of an irrevocable testamentary trust. The main beneficiary passed away in 2018. The trust assets haven't been fully distributed to the final beneficiaries since we need to sell some real estate first, and finalize taxes. In the meantime, there were no income distributions last year, but I'm not able to reflect that on the tax return using TurboTax Business. What am I missing/doing wrong?
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1 Best answer
Anonymous_
Level 15
Mar 17, 2020 2:44:42 PM
If there are no distributions, you can either forego generating K-1s or. alternatively, generate blank K-1s.
If the trust has no taxable income nor gross income of $600 or more, the trust is not required to file an income tax return.
1 Replies
Anonymous_
Level 15
Mar 17, 2020 2:44:42 PM
If there are no distributions, you can either forego generating K-1s or. alternatively, generate blank K-1s.
If the trust has no taxable income nor gross income of $600 or more, the trust is not required to file an income tax return.