K-1 for a trust

[FBN2007]

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

How does the trust's trustee report distributions to beneficiaries of a trust? My understanding is that the trustee must send each beneficiary a K-1 that shows their share of the distribution and they attach the K-1 to their individual return and are responsible for paying the tax. Is that correct? Does the trustee need to report anything to the IRS about the distributions? What form is necessary to do this?

 

[quincy]

Please keep all of your posts in one thread. This helps the volunteers. Thank you.

Although, as a note, the number of questions you have indicates that it might be time for you to sit down with an attorney in your area.

 

[tranquility]

It depends.

 

[LdiJ]

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

How does the trust's trustee report distributions to beneficiaries of a trust? My understanding is that the trustee must send each beneficiary a K-1 that shows their share of the distribution and they attach the K-1 to their individual return and are responsible for paying the tax. Is that correct? Does the trustee need to report anything to the IRS about the distributions? What form is necessary to do this?

It depends on if you are distributing income or principal, and what kind of trust it is.

 

[davew128]

Quite honestly, you are at the point where you should not be doing this. Tax professionals who don't do fiduciary tax have a hard enough time, I can't imagine a layperson is going to find it easier.