cry-crackly0j
Level 2
Member profile
- Replies
- Posts
-
OK, so problem solved. The money withdrawn was from principal. I did not understand the difference between a dispersement and a distribution of income. A disper...
-
From what I have read, the beneficiary does not have to pay income tax on principal distributions, so I don't need a K1?
-
No, no distributions. The trust didn't pay any taxes other than the capitol gains tax for which I am preparing the 1041, either though.
-
Unfortunately, I do need to fill out the 1041 because the trust had (a lot of) capitol gains on the principal that was sold. The question is, do I need a K1 fro...
Activity Feed for cry-crackly0j
- Posted Re: I withdrew money from a complex trust, does it get reported on the 1041? on Business & farm. March 6, 2025 10:34 AM
- Got Cheered for Re: Generate a K1 for a trust when only principal was distributed. March 4, 2025 2:07 PM
- Cheered Re: Generate a K1 for a trust when only principal was distributed for M-MTax. March 4, 2025 1:56 PM
- Posted Re: Generate a K1 for a trust when only principal was distributed on Get your taxes done using TurboTax. March 4, 2025 1:44 PM
- Got Cheered for Re: Generate a K1 for a trust when only principal was distributed. March 4, 2025 1:04 PM
- Posted Re: Generate a K1 for a trust when only principal was distributed on Get your taxes done using TurboTax. March 4, 2025 1:02 PM
- Cheered Re: Generate a K1 for a trust when only principal was distributed for M-MTax. March 4, 2025 12:58 PM
- Posted Re: Generate a K1 for a trust when only principal was distributed on Get your taxes done using TurboTax. March 4, 2025 11:24 AM
- Posted Generate a K1 for a trust when only principal was distributed on Get your taxes done using TurboTax. March 3, 2025 3:20 PM
- Posted I withdrew money from a complex trust, does it get reported on the 1041? on Business & farm. March 3, 2025 1:22 PM