turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Distribution from trust

This trust was established in 2007.  Each year since, we have reported on any dividends (gains or losses) or interest and, when appropriate, we paid tax.  Now, we are closing the trust and have distributed the balance available.  To me, that is not 2024 income, since the initial investment had already been taxed and any annual gains had been reported and taxed previously.

 

Line 9 Sch B says Income required to be distributed currently.  The final distribution was only in very small part, 2024 income.  There is nothing left in the trust to distribute, so would that be 0?

 

If so, then would the final distribution be on Line 10.  Either way, the final distribution which was made in 2024 is not showing up on the K-1.  Should it?

 

 

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question