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Level 2
June 2, 2024
Question

Where are Trust Distributions from Corpus (Principal) documented in ProSeries

  • June 2, 2024
  • 1 reply
  • 15 views

Trust distributions for TY2023 was $17,500 prior to date of death, then another $35,000 after date of death for a total of $54,500 in corpus distributions.  No income was distributed during the year.  Trust is complex and irrevocable legacy trust.  Where in Form 1041 in ProSeries is the corpus distributions captured for the beneficiaries? 

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1 reply

BobKamman
Level 15
June 2, 2024

Distributions from principal for trust accounting purposes can be distributions of income for tax purposes.