Should a K-1 for an irrevocable trust contain information about all trust income when only the proceeds from the sale of a condo was distributed? How would I limit it?
posted
June 1, 20198:24 AM
last updated
June 01, 20198:24 AM
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Should a K-1 for an irrevocable trust contain information about all trust income when only the proceeds from the sale of a condo was distributed? How would I limit it?
"How would I limit it?"
If you made a general distribution during the same tax year as the income tax return you are preparing, you cannot limit it since the distribution carries through all distributable net income to the beneficiary(ies).
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