Ephesians3-14
Level 8
03-20-2021
04:10 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Is that a possibility for my situation? This is the first year of the trust for my client (decedent passed away in July 2020). Am wondering if I make a fiscal year election (with a June 30, 2021 year end) and since we're still within the fiscal year, a distribution could be made to the beneficiaries, thereby pushing the IRA income to their personal tax returns and avoiding a huge trust tax liability.
Anyone have any thoughts about this as a possibility?