Hi, all!
Quick question: my wife's (deceased) father's last investment account was just disbursed to their trust. When doing so, my wife had 25% tax withheld via the trust's EIN. Will we have to now file the trust taxes and impossible to avoid the higher trust taxes (37%) vs. passing the money on immediately using K1's for each of the family members to report as income (taxed much lower)?
Or will the filing show those distributions and we get the taxes we had held back as a refund?
Thanks for any help!
Posted by thinkxingu