I received a cash distribution from my aunt's trust . Is it taxable

Forum|Forum|7 years ago
June 3, 2019
3 replies
19 views

My is deceased and her total trust has been distribution

TurboTax Deluxe Online

macuser_22

Alumni - Champ

Depends. How was it reported to you? Did you receive a 1099-R or K-1?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

robynroepke

Level 2

Anonymous

Generally speaking, an inheritance or gift is not taxable income. However, you may be required to report a share of the trust's or estate's income on your tax return. Only the trustee or executor of the estate will know for sure, so you should contact that person.

If you do have taxable income from the distribution, you will receive a Form K-1 at some point. When you receive that form, report the information in TurboTax under the heading Business Items, Schedule K-1.