I RECEIVE QUARTERLY DISTRIBUTIONS FROM MY DECEASED PARENTS REVOCABLE TRUST TO SPAN OVER SEVERAL YEARS. I HAVE NO OTHER INCOME BUT THIS. My trustee said I should get some kind of form for tax purposes but haven't received as yet.I live in Indiana and for last year received about 40,000 from the trust. I am single with no dependants. Will I have to pay any federal or state tax on this money?

Go to this web site and it will answer your question. Instructions for Form 1041 and Schedules A, B, G, J, and K-1 (2010) (http://www.irs.gov/instructions/i1041/ch01.html)

Ask the trustee, but I suspect that you will be receiving a schedule K-1. Unfortunately many times this form comes very late in the tax filing season - and actually may not get to you in time for the April 15 tax filing deadline. If this is the case with you, file for an extension by April 15 and you have until October to finalize your 2010 tax return.