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When do trusts have to legally send K-1 forms out by? I still haven't gotten mine and it's peeving me off.
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Mar 7, 2011 00:54
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| # ¿ May 4, 2024 03:46 |
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AbbiTheDog posted:Depends on what month the trust ends on (maybe December, maybe not). If it's a December year-end, you might not get your K-1 until september, and they've got the legal right to do so. Does that mean I'm going to need to get an extension, or what?
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Mar 7, 2011 01:48
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Kwik posted:You could always file without the K-1 and amend later once you receive it, depending on what sort of an effect that the K-1 will have on the return. Remember though, the extension is only an extension to file, not to pay. If you are going to owe, you do have to pay that by April 18th, lest you owe penalties and/or interest. I know at this point that without the K-1, I won't have to file. I'm pretty close to the limit, though (I've made about 8.5k in scholarships and stuff, not W-2 income per se but still taxable). So if the K-1 on a 50k irrevocable trust puts me above 9.5k (or whatever it is this year), then I will have to file. So it's sort of a sticky situation.
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Mar 7, 2011 19:55
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AbbiTheDog posted:Depends on whether the trust is "simple" or "complex" (this can change from year to year). Also depends on how much in withdrawals were taken during the year that would "push out" the trust income to your personal return. Well, I received a one-time deposit for $50,000 last year from the trust, around July. I receive these deposits every three years after my eighteenth birthday. The actual trust itself is in the $200,000 range, I think - does that lump sum amount (the $50,000) count as income with either a simple or a complex trust? Or would it only be a fraction of that amount?
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Mar 8, 2011 03:12
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