DC
Returning Member

Get your taxes done using TurboTax

So, if all trust income will be issued to one beneficiary, and is reported on their K-1 and the other beneficiary receives only a distribution of corpus and/or property, does that beneficiary also receive a K-1?  That second beneficiary would have no trust income to show and no tax due.

 

How is the IRS notified that a beneficiary received cash and/or property?