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Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
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Old 04-09-2009, 12:16 PM
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Trust fund did not send us Tax info yet

What is the name of your state (only U.S. law)? KS My wife started receiving a small monthly payment from a irrevocable trust her mother setup for her last year. She received 2 payments before 2008 ended. The company running the trust fund has been unable to tell us if she owes taxes on the $1000 received and has not sent us any info for tax purposes? Does the company that runs her trust have to send us this info by Jan 31 of each tax year? What happens is they do not? How can we get them to send us this info?
  #2  
Old 04-09-2009, 12:56 PM
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It happens. Estimate your taxes, file an extension and pay what you think you'll owe and wait for your K-1. Yes, they're supposed to get it to you. Welcome to the world of complex economic activity. Taxes are a lot harder when we get money from things besides our own work.
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  #3  
Old 04-09-2009, 02:08 PM
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They have until 9/15 to complete the trust return, so no they don't have to get you the information any time soon.
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