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    wilsonglw's Avatar
    wilsonglw Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 9, 2010, 11:26 AM
    Trust fund federal and state taxes
    Hello; My brother recently passed away and left $28,000.00 to be divided between his two children. The monies were in Trust Fund Accounts, one being a IRA. I am the TRUSTEE of the accounts. My Broker is telling me that I have to file income taxes on this money before I distribute it so I am waiting the 1099R to arrive. I really would like to be able to give them their shares now. What is the right answer to this? This is for the state of North Carolina. Thanks so much.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 9, 2010, 04:13 PM
    The complexity of the tax issues, both federal and state, defies a simple answer here.

    I STRONGLY recommend you get professional tax advice from either a CPA or enrolled agent.
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