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Simple Trust Question

If the only income a Trust had in 2024 was $105,000 from an Inherited IRA, which it distributed via K-1’s to the beneficiaries, and  it also had less than $600 in income from interest and dividends, which it didn’t distribute, is it still considered a Simple Trust? I think it is 😀

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1 Reply
M-MTax
Level 12

Simple Trust Question

Yes, it is if, and only if, the trust is required to distribute all income currently.

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