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    munny9068's Avatar
    munny9068 Posts: 41, Reputation: 1
    Junior Member
    		  
    #1

    Mar 2, 2010, 07:11 AM
    Preparing Form 1041
    As it turns out, we took a Trust distribution in '09 that is larger than the income for the Trust. Is there a penalty for this? As far as tax, does the actual Trust income pass through to the 1040 [as in previous years] or do we have to somehow allocate the actual distributed amount? Any special treatment for the excess distribution?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 26, 2010, 01:06 PM
    Form 1041 is a Fiduciary return that has its own set of rules and procedures. It is also a niche section of the tax trade, which is probably why no one answered your forum post.
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