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".
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
SolidRock258
New Member
Kipmc7
Level 3
desert1
Level 1
a-concerned-user
Returning Member
mloomer66
Level 2
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.