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Reply to "Tax question on income from irrevocable trust"
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[quote=Anonymous]I hope someone out there can help me with an urgent questions - we need to wind down an irrevocable family trust to cover my parents' debts. The trustee will pay out the money to me and my sibling and then we will give the money to my parents. My question is - does the payment from the trust to me count as taxable income? Will I incur a tax liability? My parents have left this till the last minute so I need to know if I can remit the entire amount to them or if I need to take out something for the taxes I will have to pay! thanks![/quote]
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