Where do I find trust (irrevocable and complex) distribution amount made to a beneficiary?

Forum|Forum|7 years ago
June 6, 2019
7 replies
74 views

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.

TurboTax Business Windows

Best answer by Anonymous_

" I don't see anything from the financial company that holds the trust."

If you did see something at sometime after the beginning of the year, it would have included some form of tax reporting statement.

Generally, though, the assets (principal) are the property that generate the income. If there is no income, then there is generally no filing requirement

The following is a link to a brief summary of the concepts (ignore the "dummies" thing, it's very concise and accurate).

https://www.dummies.com/personal-finance/estate-planning/what-are-a-trusts-principal-and-income/

Anonymous_Answer

Level 15

" I don't see anything from the financial company that holds the trust."

If you did see something at sometime after the beginning of the year, it would have included some form of tax reporting statement.

Generally, though, the assets (principal) are the property that generate the income. If there is no income, then there is generally no filing requirement

The following is a link to a brief summary of the concepts (ignore the "dummies" thing, it's very concise and accurate).

https://www.dummies.com/personal-finance/estate-planning/what-are-a-trusts-principal-and-income/

GB8Author

Level 2

I don't think that I was clear - I have 1099s from the financial company (DIV, INT and B), but nothing indicating distributions. The trusts did have income, but I don't see where to get distribution amounts or if any is considered distribution.