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Retirement tax questions
Hi Meggie235,
Hope all is well with you, I am so sorry to learn about your mom's passing. The trustee must file a Trust Tax Return 1041 (if gross income is $600 or more), you will receive a K-1 as the beneficiary of that trust and report it on your tax return. Yes, the income generated in that trust and the amount passed down to you will be taxed at your individual level.
Hope this helps, please let me know if you need additional information.
Best Regards,
Laura
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‎July 26, 2023
1:40 PM