Do I have to pay taxes on a testamentary trust in California?

[LBGuy23]

What is the name of your state (only U.S. law)? California

I'm 27 and my mother left me a testamentary trust of $30,000. It was in held in the trust for 5 years until I reached 27 and the trustee paid taxes on the interest earned over those 5 years. She just released it to me since I turned 27. What taxes do I have to pay on this and do I have to report it on my federal or state income tax forms? I live in California. The trust was set up in Florida and the estate was in Florida. The trustee wired the money to my bank account.

Thank You

 

[anteater]

No, the distribution of the principal from the trust is not taxable income. If by "just released", you mean in 2012, there is a possibility that some very small amount of the distribution represents interest income earned in 2012 that will be passed through to you on a Schedule K-1 next year. The trustee should be able to tell you.

 

[LBGuy23]

ok thank you for the info anteater, much appreciated.