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What do I put in "Gains attributable to income" field in my irrevocable trust return?
I am the trustee of a trust that allows me to assign capital gains to be taxed at the beneficiaries, let them be taxed in the trust, or allow a combination of the two at my discretion. This year I would like to allocate a portion of the total capital gains to the beneficiaries. If the trust's total long term capital gains is $50K and I want to allocate $20K of that to the beneficiaries, what values do I put in the fields "Allocation of Long-Term Gain - Total Long-term gain" and "Enter Gains Attributable to Income - Capital Gains Attributable to income"? Would it be $20K and $20K? This is part of a strategy to minimize taxes from the trust and personal returns combined.
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May 10, 2021
9:18 PM