First, a couple of definitions: A \u201ccomplex trust\u201d is a trust that either retains current income in the trust, distributes trust principal, or has a charitable organization as a beneficiary. A \u201csimple trust\u201d is a trust that is required to distribute all of its annual income to the beneficiaries, but no principal may be distributed.\u00a0 Income of the trust is taxable to the recipient.<\/p>\n
Trusts pay the highest federal income tax rate of 39.6% at a much lower threshold than individuals (at $12,400 as opposed to (more…)<\/span><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Happy New Year! We hope you and yours had an enjoyable holiday season and that 2017 brings you happiness and good health.\u00a0 With the close of the calendar year behind us, tax season is just beginning for individuals and many…<\/span><\/p>\n