Trust Incontestable Successor Withholding Tax
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How to fill out California Living Trust For Individual, Who Is Single, Divorced Or Widow (or Widower) With Children?
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FAQ
A trust or, for its final tax year, a decedent's estate may elect under section 643(g) to have any part of its estimated tax payments (but not income tax withheld) treated as made by a beneficiary or beneficiaries.
A trust or, for its final tax year, a decedent's estate may elect under section 643(g) to have any part of its estimated tax payments (but not income tax withheld) treated as made by a beneficiary or beneficiaries. The fiduciary files this form to make the election.
If the trust holds the income and does not disburse it to the beneficiary by year-end, then the trust is liable for the taxes. However, if funds are distributed to one or more beneficiaries, the income is taxable to the person who receives it. The taxable amount depends on the interest vs. principal allocation.
Assets transferred by a grantor to an irrevocable trusts are generally not part of the grantor's taxable estate for the purposes of the estate tax. This means that the assets will pass to the beneficiaries without being subject to estate tax.
Whether or not the trustee can withhold funds from you depends on the terms of the trust itself. If the trust requires withholding distributions under certain circumstances, such as the beneficiary reaching a specific age, the trustee must follow those stipulations.