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Level 1

Question

1041 Trust K-1 Retirement income Distribution

Forum|Forum|6 years ago
July 9, 2019
1 reply
0 views

Is Trust 1041 K-1 retirement income distribution to a minor under age 18 treated as unearned income on Federal 1040 and taxed at Trust/estate rate on federal form 8615?

Level 15

When current income is distributed to a beneficiary from a trust, the trust receives an income distribution deduction for the amount distributed. Therefore, the trust is not taxed on the income distributed (or deemed distributed).

The beneficiary who receives the distribution is taxed at the beneficiary's applicable income tax rate (on the amount of the distribution) and, in this instance the amount is unearned income.

Level 2

hi, where do i put the income form a trust on my 1040

Level 15

@phd2341 wrote:

hi, where do i put the income form a trust on my 1040

Did you receive a K-1 or do you have a grantor trust (aka revocable living trust)?