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?