Yes, a simple trust follows three rules:
- All the income must be distributed to the beneficiaries yearly.
- The trust mustn't payout any of its corpus (better known as principal), and
- The trust can't make charitable contributions.
If you believe that your trust is a simple trust, you can make that change in TurboTax Business. Here's how to do that:
- Open your software and your return.
- Select the General Info tab, then About your Trust or Estate.
- Select Edit to the right of the trust's name.
- You can change the type of trust on this page.
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