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seneca48
New Member

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

My is deceased and her total trust has been distribution
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3 Replies

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

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.**

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

No
RichardG
New Member

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

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. 

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