Our father had a revocable trust. When he passed away his revocable trust became an irrevocable trust. I am both the Trustee and the sole heir.
The trust is at an end and I have put the final distribution to me on TurboTax Business. When I look at the K-1, it doesn't include this distribution (only the interest which the trust made last year in box 1).
I answered yes to "Did the Trust make any distributions to its beneficiaries in 2022. It's already set up as 100% distribution from prior years. I added the additional distribution which represents the final assets distributed under Trust Accounting Income. I said yes, that the entire income was distributed (it was).
Is this correct? Doesn't the heir (me) need to pay taxes on that distribution and wouldn't that be from
the K-1? Did I enter it incorrectly?
