Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Industry Discussions
- :
- Tax Talk
- :
- Trust and less available funds
Trust and less available funds
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
nmm369
Level 1
06-18-2022
05:06 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Having an issue with distributions from a trust.
The total money available in a trust is now less than the amount to be distributed according to the trust documents. Now, interest has accrued for the past 4 years since the the trust was opened. Do the beneficiaries need to receive a 1099-INT for the amount that has accrued since then? And is that interest taxable to the beneficiaries?
Thanks in advance.
Labels
3 Comments 3
BobKamman
Level 15
06-18-2022
06:35 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Has the trust filed Forms 1041 for the last 4 years? Have their been distributions to the beneficiaries during that period? Far from enough information here to figure out what's happening.
nmm369
Level 1
06-18-2022
06:44 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The trust filed its 1041, but no distributions have been made yet. Thanks
sjrcpa
Level 15
06-20-2022
08:48 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Beneficiaries get K-1s for their share of income, not 1099s.
Simple trust, complex trust?
How did you determine the amount to be distributed? How can it be more than what is in the trust?
The more I know, the more I don't know.
