The K-1 reflects any money that the trust has earned. As beneficiaries of the trust the taxes due can be passed through to you so that the trust does not pay them. The trust should be subject to a 65 day rule that gives the trustee until the 5th of March to distribute income.
There are trusts that are for the benefit of minors or disabled persons where the income is accumulated and not distributed at all until it is needed or required. In those cases the beneficiaries usually do not pay the taxes.
If you are in a disagreement with the trustee of your parents' trust as to how the income should be distributed then you should consult an attorney in your locality as to what type of trust this is and what the requirements are.
@Zebra6676
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