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Discussion Forum Index --> Basic Tax Questions --> Trust distributions
Discussion Forum Index --> Tax Questions --> Trust distributions
Miketribe (talk|edits) said:
| 1 July 2009
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| I have a 2008 complex trust that paid distributions to the beneficiary's in May 2009. Are the distributions counted on the 2008 or 2009 1041 return.
Thanks
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Miketribe (talk|edits) said:
| 2 July 2009
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| What if the trust document states that the trustee shall pay all net income of any child's share in this trust in installments not less frequent than quarterly. The trustee did not follow this correctly since they just paid the distributions in June of 2009. Would this change how the 2008 1041 return is completed?
Thanks
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Kevinh5 (talk|edits) said:
| 2 July 2009
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| how is the trust return not on a calendar year?
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Miketribe (talk|edits) said:
| 2 July 2009
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| It is a calendar year return. The trustee should have made distributions per the trust document. The payments did not fall in the first 65 days. My question is now, are the distributions paid in june 2009 accounted for on the 2008 1041 or 2009 1041. If 2009 then I assume the trust would pay taxes on the 2008 income since their is no income distribution deduction.
Thanks
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Dennis (talk|edits) said:
| 2 July 2009
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| The date the distribution is effected is irrelevant. The required distribution is entered on line 9 of Schedule B. Your description suggests that the trust is simple rather than complex.
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Riley2 (talk|edits) said:
| 3 July 2009
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| Mike, the simple trust should be claiming a deduction for the amount that should have been distributed.
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