I am now in charge of 3 irrevocable trusts. Each lists multiple beneficiaries that are 501c3 charities. Is that in itself considered "explicit authorization to donate to charities" (IRS requirement for deductions) or does it also need to be stated elsewhere in the trust documents??
The trusts all earned under $10k in interest income, and each is donating tens of thousands to 501c3 charities. I just want to know if I'm going to have to do a bunch of K-1s or if the income can be completely zeroed out by these donations. Being on the list of beneficiaries seems pretty EXPLICIT, but then again I don't trust anything anymore when it comes to the IRS!
Thank you.
You'll need to sign in or create an account to connect with an expert.
So is the charity being listed as a beneficiary then "authorizing" charitable donations?
Also, if the income is $8000 and the donation is $30,000 then how am I supposed to prove that it was all income and no principle?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
dbrown302
New Member
shak0000
Level 2
timhay75
Level 1
KarenL
Employee Tax Expert
morris-tamaralee
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.