I get trust money

Forum|Forum|1 year ago
January 7, 2025
2 replies
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Dads trust we get interest like 200 a month

Hi Palms

Employee

Do you get anything else in the way of income? Do you get a K-1 from the trust? Interest income is taxable so it needs to be reported. Post more information.

Vanessa A

You should get a K-1 for this interest, you will need to enter this on your tax return if you have other income and are filing a return, as it is taxable income. When you enter the K-1 on your return, it will generate a Schedule E. In order to file with TurboTax, you will need to use either TurboTax Premium Online or TurboTax Premier Desktop as both of these will handle Schedule E.

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Hi Palms

Employee

You might get a K-1 for this interest. You will not get a K-1 if your father is still alive and the trust is a revocable trust whereby you are essentially just receiving a gift from your father. You could also get a grantor's information statement rather than a K-1. Again, more information is needed.