@rjohnson2810 wrote:
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.
The tax calculation will differ if the income consisted primarily of long-term capital gain and/or qualified dividends, which actually appears to be the case if the 1041 total tax is accurate.
@rjohnson2810 wrote:
I am the beneficiary of an irrevocable trust. This is a simple trust.
A simple trust must distribute all of its income currently. If you did not receive a distribution of income, that would appear on a K-1 (not including capital gain which typically is considered corpus), then the trust would not be a simple trust.
@rjohnson2810 wrote:
....does anyone know if I should take a distribution for the entire trust taxable income to reduce taxes?
It would be untimely to take a distribution for the 2019 tax year if the trust has already filed a return (1041) and paid income tax on its taxable income.
You should contact the fiduciary for more detailed information on what has occurred to this point with respect to how the return was prepared and exactly what is specified in the trust document.
