Do u have to pay income taxes on money being paid by a trust fund in my aunt's name?
Asked on 8/05/09, 8:17 pm
1 Answer from Attorneys
It depends on whether the distribution to you is in the form of income (taxable) or principal (probably non-taxable).
If you are receiving distributions, you should receive a K-1 at the end of the tax year. This form is a one or 2 page listing of the taxable nature of your distributions so that your tax preparer will know how to report the receipts on your 1040.
Answered on 8/11/09, 10:41 am
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