Reply To: Figuring Income Distribution Deduction in simple trust

Home Fairmark Forum Other Tax Topics Figuring Income Distribution Deduction in simple trust Reply To: Figuring Income Distribution Deduction in simple trust

#7222
Lewis-H
Participant

Estates and Trusts are permitted to take a deduction on their tax return (Form 1041) for certain income that is distributed to the beneficiaries. This income is then reported to the beneficiary on a Schedule K-1 (Form 1041) Beneficiary’s Share of Income, Deductions, Credits, etc.