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My mom passed away in 2013. I received a distribution as beneficiary. How do I report it to Federal and State?
4 ANSWERS
Taxation Attorney serving Charleston, WV
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C. Page Hamrick III
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You should ask the Trustee of the trust whether you will receive an IRS Form K-1 from the trust, which will tell you how much, if any, of the distribution is taxable, and if so, what type of income it was, such as interest or dividend income. It is possible that part or all of the distribution was non-taxable to you as an inheritance or gift.
Answered on Mar 31st, 2014 at 7:01 PM
You will receive a K-1 from the trust telling you what portion of the money you received is taxable as income. It will probably be a small part of it.
Answered on Mar 31st, 2014 at 7:01 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The trustee files a Form 1041 with the IRS and gives you a Schedule K. The Schedule K has instructions on how the various items go on your 1040.
Answered on Mar 31st, 2014 at 7:00 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You should see an accountant or tax attorney, the actual distribution normally would not be reportable by you or income if it was previously declared by the trust.
Answered on Mar 31st, 2014 at 7:00 PM