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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Charitable donations on a Final Trust Return
Charitable donations on a Final Trust Return
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Renee49
Level 2
04-12-2022
01:14 PM
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I have a client that made two large charitable donations. One was the proceeds from the sale of a home that was in the trust and the other was actually a home donated. My question is when I enter the value of the donations to the two recipients it triggers AMT on the K-1 (Box 12 A & J) for the beneficiaries, causing them to have very large taxes owed on their personal returns. Is this correct? If not how do I correct it? If it is correct how do I explain to the Beneficiaries that they owe the tax for the Trust's Charitable Donations?
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