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- Final year for a Crummey Trust - how to reflect tax free distributions
Final year for a Crummey Trust - how to reflect tax free distributions
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AJMorris
Level 2
03-20-2021
06:33 PM
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My client established and followed the rules for a Crummey trust. The trust has paid all taxes relating to the earnings from the gifted contributions to the trust.
The terms of the trust agreement call for distribution of the funds this year, 2021. How do I treat the distributions on the k-1 in order to be sure the beneficiaries are not taxes on the distributions?
Are there any tricks to filing the final return for a Crummey trust (since all funds will be distributed soon).
Thank you.
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