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dkgaler
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I received $25000.00 as a Beneficiary in a Trust at the death of the Trustee. What is my tax approximate liability?

 
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2 Replies

I received $25000.00 as a Beneficiary in a Trust at the death of the Trustee. What is my tax approximate liability?

"What is my tax approximate liability?"

 

You should contact the fiduciary (trustee) of the trust and make inquiry.

 

If you have any tax liability from the distribution, you should be receiving (or have already received) a Schedule K-1 (Form 1041) from the trust, which will contain your share of any items of income, gains, deductions, and/or credits.

Anonymous
Not applicable

I received $25000.00 as a Beneficiary in a Trust at the death of the Trustee. What is my tax approximate liability?

the money you received could be corpus (principal of the trust) which would not be taxable - you may or may not receive a k-1 

or

the money could be a distribution of income for which you should receive a k-1 and it will be taxable

or

it could be some of each - again a k--1 but only the income portion would be taxable.

 

when a trustee dies, their is a successor trustee either under the terms of the trust or state law.   talk to that person because they are the ones responsible for filing the trust's tax returns.  

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