[Title edited to remove ALL-CAPS per policy section 2(b) - moderator oldcomputerguy]
I am the successor trustee and sole beneficiary of a complex irrevocable trust. I plan to distribute all trust income (consisting of interest only) and principle to myself in 2024. I also want to apply the 65-day rule and claim the 2023 trust income as my personal income on my 2023 1040. My question is should I distribute the income to myself separate from the principle or can I distribute both the income and principle at the same time in the same transfer of funds closing the trust account. The funds are all in the same trust brokerage account.
I am the successor trustee and sole beneficiary of a complex irrevocable trust. I plan to distribute all trust income (consisting of interest only) and principle to myself in 2024. I also want to apply the 65-day rule and claim the 2023 trust income as my personal income on my 2023 1040. My question is should I distribute the income to myself separate from the principle or can I distribute both the income and principle at the same time in the same transfer of funds closing the trust account. The funds are all in the same trust brokerage account.
Statistics: Posted by CharacterCounts — Wed Jan 17, 2024 4:31 pm — Replies 0 — Views 93