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MikeB_CPA
Level 5
March 3, 2021
Question

Form 1041 for a Complex Trust

  • March 3, 2021
  • 2 replies
  • 13 views

I am preparing a return for a Complex Trust which has one individual beneficiary.  I want to transfer all income (interest, dividends, and capital gains) from the Trust to the individual beneficiary via the K-1.  It seems that it is possible to do this and thereby take advantage of the income distribution deduction on the 1041.  Am I overlooking anything in arriving at this conclusion?  Any comments will be appreciated.  Thanks!

Mike

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2 replies

BobKamman
BobKamman
Level 15
March 3, 2021

How much was distributed to the beneficiary in 2020, or at least, how much was required to be distributed to the beneficiary?

    sjrcpa
    sjrcpa
    Level 15
    March 3, 2021

    Does the trust document and/or state law permit capital gains to be distributed?

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