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Does Principal from an Irrevocable Trust Distributed to a Beneficiary have to reported since it’s not income?
Does Principal from an Irrevocable Trust distributed to a Beneficiary have to reported on forms such as 1040 by the Beneficiary, and 1041 and a K-1 by the Trustee, since it’s not income? If not, would I as the Trustee simply send the Beneficiary a check from the Trust Checking account and that’s it? Thanks!
November 30, 2024
11:07 PM