Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Must a Schedule K1 be issued in an Irrevocable Trust

Highlighted
Level 2

Must a Schedule K1 be issued when filing Form 1041 Irrevocable Trust?  

 

Labels (1)
0 Cheers
4 Replies 4
Highlighted
Level 15

Not enough info to tell.


ex-AllStar
0 Cheers
Highlighted
Level 2

I'm sorry I couldn't find my question!!!  

Please correct me if I'm wrong - a K-1 should be issued if a distribution was made.  I'm sorry for being so vague.  Everyone has been so kind.  🙂

 

0 Cheers
Highlighted
Level 15

In general, distributions carry out taxable income (but not principal), so yes a K-1 would be issued.


ex-AllStar
0 Cheers
Highlighted
Level 10

It depends.

** I'm still a champion... of the world! Even without The Lounge.