GB8
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- Posted I'm still confused. Anything that comes out of the trust... on Retirement tax questions. June 6, 2019 1:32 AM
- Posted Thanks. I am slowly understanding. Okay, so as trustee,... on Retirement tax questions. June 6, 2019 1:32 AM
- Posted I don't think that I was clear - I have 1099s from the fi... on Retirement tax questions. June 6, 2019 1:32 AM
- Posted Where do I find trust (irrevocable and complex) distribution amount made to a beneficiary? on Retirement tax questions. June 6, 2019 1:32 AM
June 6, 2019
1:32 AM
I'm still confused. Anything that comes out of the trust is a distribution? I think that I have already messed up.
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June 6, 2019
1:32 AM
Thanks. I am slowly understanding. Okay, so as trustee, I need to keep track of distributions. And distributions are any funds given to beneficiary, not necessarily any funds taken out of the trust? How do you know if it is principal or income?
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June 6, 2019
1:32 AM
I don't think that I was clear - I have 1099s from the financial company (DIV, INT and B), but nothing indicating distributions. The trusts did have income, but I don't see where to get distribution amounts or if any is considered distribution.
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June 6, 2019
1:32 AM
I am the trustee and the beneficiary of one trust and just the trustee on the other (beneficiary is deceased). I understand that I need to fill out 1041 and create K-1, but I don't understand where to get the amounts to fill out the K-1. I have read that if the amount distributed was considered principal, then no distribution needs to be reported. If this is true, how is it determined what is principal and what isn't? I don't see anything from the financial company that holds the trust.
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