Completing Form K-1 for Trust Distributions: Determining Filing Requirements
DNI Calculations, Allocating Trust Income from Pass-Through Entities Between Corpus and Income
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide fiduciary tax advisers and compliance professionals with the tools needed to navigate the unique challenges in reconciling and completing Form K-1 for estate and trust beneficiaries. The panel will discuss income classification and allocation of the trust’s income distribution deduction among multiple beneficiaries and detail the interplay between the trust document, fiduciary accounting income, and the beneficiaries’ K-1s.
- Rules for when a trust is required to issue a K-1
- Allocating taxable income amounts between trust and beneficiary in cases of trustee discretion to distribute
- Treatment of specific bequests
- Calculating allocation of trust income from pass-through entity between trust corpus and income
The panel will discuss these and other important topics:
- Differences in tax and K-1 treatment between specific bequests, formula bequests, and distributions made from trustee’s discretion
- K-1 reporting of income that is partially taxable to the trust and partially taxable to the beneficiary
- Calculating taxable amounts on trust income from pass-through entities and how to report on beneficiary K-1
Griffin H. Bridgers
Hutchins & Associates
Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate... | Read More
Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate planning and estate administration, he is experienced in mergers and acquisitions, taxation, business transactions, franchising, commercial contracts, asset protection, executive compensation, employee benefits, qualified and non-qualified retirement plans, and nonprofit organizations. He counsels closely-held and family businesses, and nonprofit organizations, with their planning, succession, and liquidity needs in a variety of industries including tech, restaurant and retail, healthcare, manufacturing, construction, real estate, financial services, consulting, and professional staffing.Close
Klaralee R. Charlton, J.D., LL.M.
Katz Look & Onorato
Ms. Charlton practices fiduciary tax, estate administration, and business transactional law. As part of her... | Read More
Ms. Charlton practices fiduciary tax, estate administration, and business transactional law. As part of her practice, she guides clients through the process of administering an estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually. She writes and lectures on topics including fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses.Close
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