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Trust Taxes
I am the beneficiary of an irrevocable trust. This is a simple trust. For 2019, Form 1041 taxable income was $30,423. The total taxes was $5,725. I don't know how this was calculated since it doesn't follow the trust tax schedule I am looking at which is $3129 + 37% of the amount over $12,951. Also, does anyone know if I should take a distribution for the entire trust taxable income to reduce taxes? Thanks.
‎August 5, 2020
11:17 AM