☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jun 1, 2019 11:46:06 AM

Is the Section 663(b) Election for trusts irrevocable only for the year it is elected or does it also apply to future years, too?

0 1 729
1 Best answer
New Member
Jun 1, 2019 11:46:10 AM

It is only applicable for the year it is elected. From US code:

(2)Effect of election.

(i) An election is effective only with respect to the taxable year for which the election is made.

1 Replies
New Member
Jun 1, 2019 11:46:10 AM

It is only applicable for the year it is elected. From US code:

(2)Effect of election.

(i) An election is effective only with respect to the taxable year for which the election is made.