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?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

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?

 
1 Reply
Highlighted
Level 15

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). 

v
Privacy Settings