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The trust must pay taxes on any interest income it holds and does not distribute past year-end. The interest income the trust distributes is taxable for the beneficiary who receives it. The amount distributed to the beneficiary is considered to be from the current-year income first, then from the accumulated principal.
A simple trust must distribute all of its trust accounting income (or FAI) annually, either under the terms of the document or under state law. A complex trust doesn't have to distribute all of its income or make principal distributions.
Planning Tip: If a trust permits accumulation of income and the trust does not distribute it, the trust pays tax on the income.
Some trusts require trustees to make mandatory distributions. These distributions might take place every month or every year. Often, a trust requires distribution of a percentage of the interest earned on trust assets during the year. Or the trust might list a specific amount of money or property to be distributed.
After one spouse dies, the surviving spouse is free to amend the terms of the trust document that deal with his or her property, but can't change the parts that determine what happens to the deceased spouse's trust property.
Trusts can be both single and joint. A single living trust involves just one individual, while a joint living trust usually involves a married couple. Joint living trusts are commonly used to transfer assets between spouses upon one spouse's death.
A simple trust, by the terms of its trust agreement, is required to distribute all of its income currently, cannot make charitable contributions, and does not distribute principal (Regs. Sec.
Under Section 663(b) of the Internal Revenue Code, any distribution by an estate or trust within the first 65 days of the tax year can be treated as having been made on the last day of the preceding tax year.
The trust must pay taxes on any interest income it holds and does not distribute past year-end. The interest income the trust distributes is taxable for the beneficiary who receives it. The amount distributed to the beneficiary is considered to be from the current-year income first, then from the accumulated principal.
Planning Tip: If a trust permits accumulation of income and the trust does not distribute it, the trust pays tax on the income.