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Video instructions and help with filling out and completing 2019 - 2020 trust estimated tax payments
I'm Meg DeLuca I'm a partner in the Stanford office of comings and lockwood and my topic is when and to whom does a trust pay income tax the basic point of this conversation is really when what states are permitted to tax a trust so we're gonna be focusing on how States tax various trusts and what types of connections the state has to have to those trusts in order to tax the trust for income tax purposes so for purposes of our discussion we're gonna talk about two types of trusts the first one is grantor trusts as you may know a grantor Trust is a trust where the income earned in the trust is taxed back to the grantor on the grand tours individual income tax return the second type of trust is a non-grantor trusts and there's two there's subcategories to that it doesn't really matter but for this discussion but I'm gonna tell you what they are one is a simple trust which basically requires that all the income go out to the beneficiaries and then there's a complex trust which is anything that's not a simple trust for purposes of grantor trusts and that at and state law if a trust is treated as a grantor trust for federal income tax purposes it is almost universally treated as a grantor trust for state income tax purposes which makes it very easy for us to understand their laws regarding taxation of state in states of grantor trusts there are two exceptions they're not very notable but Alabama does not recognize grantor trusts unless the trust is a revocable trust and Pennsylvania recognizes grantor trust but not if it's a grantor Trust as to the beneficiary of the trust I'm not going to get into the details of that because we're gonna put grantor Trust aside they're not that interesting in this topic so we're gonna talk about non-grantor trusts there are two basic premises about non-grantor trusts that pretty much universally apply first of all the ordinary income that's distributed to the beneficiary or beneficiaries of a non grantor Trust is generally taxed on the beneficiary's personal income tax return so if it's going out of the trust it's gonna be taxed to the beneficiary as opposed to the trust at rusts source income which is income earned on assets or businesses in a particular jurisdiction or state will be taxed by that state so if you have a business or real estate let's say in New York and you're getting rent from that the trust will pay tax to New York on that rent so the question then becomes what state gets to tax the undistributed ordinary income and any capital gains that isn't source income of a particular state and that's a difficult question because in order to tax a taxpayer any state to tax a taxpayer the taxpayer has to have some Nexus that's the word Nexus to that state and