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    Jerome Kahler's Avatar
    Jerome Kahler Posts: 1, Reputation: 1
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    #1

    Jun 27, 2013, 07:06 PM
    Federal income taxes on trust funds
    My Mother set up a trust fund for my brother and I. She died in 2000 and I started receiving a monthly check from then till present. I have paid Federal income taxes on this money since. Now I wonder if I have owed any taxes. I live in Arkansas and have received an average monthly check of $1600. My only other income is a SS check for $450/month. My age is 78.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #2

    Jun 27, 2013, 08:07 PM
    You probably didn't owe any. The trust is supposed to send you a year-end statement for tax purposes.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jun 28, 2013, 05:34 AM
    Quote Originally Posted by joypulv View Post
    The trust is supposed to send you a year-end statement for tax purposes.
    Right - you should receive a form called "K-1" at the end of the year which documents the amount of income you need to report on your taxes. Have they been doing this?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Jun 28, 2013, 06:37 AM
    Just checked; you will have a tax liability of about $985, which is assessed exclusively on the trust income
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