2135614
As a beneficiary I received a K-1 tax form showing interest and dividends for the calendar year 2020. I did not receive any income in the form of a distribution from the trust in 2020. Why do I have to pay taxes on money I did not receive?
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@Foster48 wrote:
Why do I have to pay taxes on money I did not receive?
That would be due to the fact that Section 652 of the Internal Revenue Code states that income required to be distributed currently is included in the gross income of the beneficiaries to whom the income is required to be distributed, whether distributed or not.
@Foster48 wrote:
Why do I have to pay taxes on money I did not receive?
That would be due to the fact that Section 652 of the Internal Revenue Code states that income required to be distributed currently is included in the gross income of the beneficiaries to whom the income is required to be distributed, whether distributed or not.
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