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hewax2
Level 1
Dec 7, 2019 10:03 PM UTC
Question

Trust questions

My mom passed away and we got money from her trust. It got split into 4 ways with each of us getting 56,000. What type of percentage should I use so I don’t get penalized next year. 

1 reply

Anonymous_
Level 15
Dec 7, 2019 10:45 PM UTC

I am sorry for your loss.

 

You need to contact the trustee of the trust. It could very well be that the distributions to you and the other beneficiaries represent corpus (principal) of the trust and would otherwise be non-taxable (or a very small amount would be taxable). 

 

The trustee (or a professional employed by the trustee) should be able to determine how much, if any, of your distribution is taxable income or gain.

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