Guess no one out there can help answer the question on the pension received in the trust number due to only thing and the distribution was done and nothing saved to pay there own taxes cause attorney told them it was not taxed but thanks for letting me ask.
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I'm sorry, what was your question? I didn't see it. -
Missed the OP but pension or annuity payments in a trust are listed as portfolio income on the K-1 if that was the question.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de TocquevilleComment
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I think I vaguely remember something a while back and the answer may have been that it is the person's or persons' responsibility who received the distribution to report it and pay the tax. If the heirs took the money, then they report their share on their return, assuming no 1041 was filed. Or if one was (is) filed, then the income passes through to the heirs on the K-1's. Either way, they report and they pay.Comment
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Thank you
Thank you for posting the answer to the question which confirm what I thought it was. But it has been hard to think and work and deal with some stuff when you have your father in law who is like a father to me going to leave us any day. I just hope the guy up above will wait till tax season is over before taking him away from us so it won't get to many people mad due to a death in the family.
Thanks againComment
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