a038490
New Member

If the trust files and pays taxes on ALL distributions, do I need to claim a trustee fee paid to me? I do not get a K-1.

 

Retirement tax questions

Yes, Trustee fees are an income tax deduction for the trust but taxable income to you. You must declare these fees on your Form 1040, where you place them on line 21.

To report this go to Wages and Income,

then to Less Common Income

to Miscellaneous Income then click on the bottom one again and say Yes, and type in Trustee Income and then the $$ amount.