topic Re: Trust in Get your taxes done using TurboTax

Trust

radonnad — Mon, 09 Mar 2026 04:40:52 GMT

Mom died last year and she had a trust with cash and annuities do I claim all money distributed to beneficiaries or just what annuities 1099-r?

Re: Trust

Anonymous_ — Mon, 28 Feb 2022 14:25:28 GMT

Are you using TurboTax Business to prepare a 1041 for the trust?

Re: Trust

radonnad — Mon, 28 Feb 2022 14:37:38 GMT

Yes

Re: Trust

Anonymous_ — Mon, 28 Feb 2022 14:40:01 GMT

Then trust has only cash and received a 1099-R (or multiple 1099-Rs)?

What boxes have amounts on the 1099-R(s)?

Re: Trust

radonnad — Mon, 28 Feb 2022 14:43:54 GMT

I received two 1099-R's and Boxes 1, 2a and 4. Have a D4 in box 7

Re: Trust

Anonymous_ — Mon, 28 Feb 2022 14:47:55 GMT

Am I to presume the beneficiary was the trust?

If so, you need to enter the information from each 1099-R into the program.

Re: Trust

Anonymous_ — Mon, 28 Feb 2022 14:50:37 GMT

Enter Forms Mode and refer to the screenshot to enter the figure in Box 4.

Re: Trust

Anonymous_ — Mon, 28 Feb 2022 14:52:03 GMT

For the taxable amount in Box 2a, follow the screenshots below.

Re: Trust

radonnad — Mon, 28 Feb 2022 14:54:58 GMT

Ok I did that and I have an amount on that line. I have to enter all the beneficiaries and what they received does that include all monies or just what is on the 1099-R?

Re: Trust

Anonymous_ — Mon, 28 Feb 2022 14:57:19 GMT

Enter just the amounts (the taxable income) on the 1099-Rs (and any other income accruing to the trust).

You do not need to show any corpus (aka principal - cash in this case) that is being distributed on the K-1s.

Re: Trust

radonnad — Mon, 28 Feb 2022 16:22:24 GMT

Turbo-tax generates the K1's right? The form 1041 wants me to input all distributed funds for each beneficiary, does that mean total inheritance. There was one annuity that the beneficiary was her estate (not in the trust) funds were not distributed until 2022 does that also need to be included?

Re: Trust

Anonymous_ — Mon, 28 Feb 2022 16:29:46 GMT

You can input the funds distributed.

Distributions of corpus will not have an impact on the return nor will those distributions appear on the K-1(s).

Re: Trust

Anonymous_ — Mon, 28 Feb 2022 16:33:35 GMT

@radonnad wrote:

There was one annuity that the beneficiary was her estate (not in the trust) funds were not distributed until 2022 does that also need to be included?

About this 1099-R, who was named as the recipient on the form? Was the estate actually named?

For distributions after the close of the tax year (for the trust), you can make a Section 663(b) election to have the distribution treated as if it was made in the preceding tax year (2021). The distribution must be made within 65 days of the close of the tax year.

Re: Trust

radonnad — Tue, 01 Mar 2022 14:23:21 GMT

Hi,

The recipient of the annuity was my mom not the trust.

Re: Trust

Anonymous_ — Tue, 01 Mar 2022 14:41:39 GMT

Except the estate received the income, did it not? There was no named individual beneficiary on the account?

Re: Trust

radonnad — Tue, 01 Mar 2022 15:32:02 GMT

Yes the estate received the funds and I distributed to the beneficiaries

Re: Trust

Anonymous_ — Tue, 01 Mar 2022 15:34:13 GMT

On the 1041, the amount in Box 2a is entered as Other income.

Does that answer your question?

Re: Trust

radonnad — Tue, 01 Mar 2022 15:36:27 GMT

I was wondering if I can claim this of 2021 even since I didn't get the funds until 2022.

Re: Trust

radonnad — Tue, 01 Mar 2022 15:39:09 GMT

Claim it on 2021 taxes but the funds were not received until this year 2022

Re: Trust

Anonymous_ — Tue, 01 Mar 2022 15:47:17 GMT

Reporting the income in 2021 might result in a mismatch. Wait until you receive the tax reporting statement.