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k-1 when principal only distributions
Why is a k-1 produced if a Trust paid principal only, NO DNI? The Trust is a complex trust which the Trustee has flexibility with no required payouts. The Trust plans on paying all the taxes with multiple beneficiaries of differing amounts. Some withdrew most of their money.
Level2 distributions show no where on the K-1's so why even reported?
Thank you.
**I don't work for TT. Just trying to help. All the best.
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**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
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March 24, 2024
6:45 AM