I am the trustee and the beneficiary of one trust and just the trustee on the other (beneficiary is deceased). I understand that I need to fill out 1041 and create K-1, but I don't understand where to get the amounts to fill out the K-1. I have read that if the amount distributed was considered principal, then no distribution needs to be reported. If this is true, how is it determined what is principal and what isn't? I don't see anything from the financial company that holds the trust.
