We have a family trust where my mother was able to use all income and principle for support. Last year that Trust made about $8000 in dividend income and after that all the assets (2 mutual funds) were transferred to her taxable account for her use. There is nothing left in the Trust account. I have indicated on the return that this is the final return.
- We plan to pay the taxes with on the $8000 of dividend income with the 1041 form as we have in the past.
- Do we need to document that the assets have been transferred to the beneficiary?
Thanks!
