we doing a close out on this trust and made a distribution of proceeds, which includes the dividends and gains.
what is taxable on the k-1 to the beneficiary, just the gains/dividends or the entire distribution. when I entered it on the trust tax form and downloaded the 1099, it did not show the proceeds on the k1, just the "income".
The corpus (principal) of the trust that was distributed to the beneficiaries is not ordinarily taxable.
Only the items of income and gain are taxable to the beneficiaries when passed through on their K-1s.
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