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nancyb1209
Level 3
January 20, 2022

1041 trust return

  • January 20, 2022
  • 1 reply
  • 1 view

Trust received income for 2020 but none was distributed.  It's my understandig the Trust pays the taxes and distributions become part of the Trust principal.  Is that correct?  Also, Trust received K1 with loss in box 1 but distributions in box 19.  Do I declare distributions only on 1041?

 

Thank you

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    January 20, 2022

    In general you are correct.

    But was the trust required to make distributions and failed to do so?

    Or are they discretionary?

    The more I know the more I don’t know.
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