I would like to make this simple rather than extremely complicated as there are just a few moving parts. That is an awful amount of work for this situation! The interest income is $5,000. The attorneys fee is $3,500. I have spent about 20 hours of my time working with NJ and the attorney in getting the required paperwork to and from all parties (family members) so as to get a check from NJ for an unclaimed property that had been in their possession for 20 years and was required to go through probate. The proceeds was return of capital plus interest.
My time was also spent unsuccessfully to get NJ to properly report the interest income to the estate rather than the trust ein number. And now I’m doing the tax return, etc.
The tax rate for the trust on any small income would be 10% with no state income tax as trust was Florida entity. Any tax to me as beneficiary would be at 24% plus 10% for state.
I want to make this simple not a complicated project as you outlined if possible.
My time could easily offset the $1500 net income to make trust net at 0. I don’t want to complicate this and distribute K 1 showing minor loss or minor gain as distribtable income.
This amended final return is also a manual process for me!
Thanks for your assistance on this!
