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Ben671
February 19, 2025
Question

As trustee want close trust w 2024 filing. No trust 2024 income but small amount of cash remains to be distributed to 3 beneficiaries. Can i distribute now w K-1's (Feb 2025) and claim on 2024 return using Section 663(b) election = + 65 days rule?

  • February 19, 2025
  • 1 reply
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1 reply

M-MTax
M-MTax
February 19, 2025

You can make the 663(b) election if the distribution is made within 65 days of the close of the trust's tax year.

 

However, you are not required to file a return if the trust has neither income nor gains (or otherwise incurred any expenses (deductions) or received any tax credits). 

 

Regardless, you can file a return marked as "final" to officially close out the (terminated) trust with the IRS.

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