View Full Version : Trust Funds
Victoria55
Dec 28, 2011, 11:45 AM
Do you get taxed on money that's been left to you come tax time
smoothy
Dec 28, 2011, 11:47 AM
Not unless the government actually owes you any... from tax overpayments.
They don't run Trust funds.
ScottGem
Dec 28, 2011, 11:54 AM
Taxes on inheritance are generally paid by the estate. There is also a federal exclusion of 2 million, that most states adopt.
joypulv
Dec 28, 2011, 12:16 PM
Ask the trustee. Someone pays taxes on the income earned on the trust funds. You will get a K1 if you pay it. Otherwise the trust pays it.