Do beneficiaries of irrevocable trusts that receive distributions need to report the distributions, or just the interest it earned for them after the distribution?

[Matt7218]

I am a beneficiary of an irrevocable trust, and I received distributions, but the trustee did not issue a K-1 to me.  I've kept this money in my savings account, earning interest.  The interest earned is reflected in the 1099-INT my bank issued to me.  Do I need to do anything in my taxes to report receiving principal from this trust?  Is it sufficient to just report the interest i've earned with it by entering my 1099-INT info in my tax return?      

[tagteam · Accepted solution]

" Is it sufficient to just report the interest i've earned with it by entering my 1099-INT info in my tax return?"

Yes. The interest earned after the distribution is reported on your personal income tax return. If you did not receive a K-1 from the trustee, then you either received a distribution of corpus (principal) of the trust or the distribution was otherwise not taxable to you (e.g., the trust paid any tax due on the income).

You should check with the trustee to make sure the fact that you did not receive a K-1 was not an oversight.