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Trust and less available funds
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nmm369
Level 1
06-18-2022
05:06 PM
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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.
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3 Comments 3
BobKamman
Level 15
06-18-2022
06:35 PM
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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
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The trust filed its 1041, but no distributions have been made yet. Thanks
sjrcpa
Level 15
06-20-2022
08:48 AM
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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?
Ex-AllStar
