What is the standard tax rate for income received from an estate trust?
I am going to be receiving ongoing income from my grandfathers estate. I have been told that it is taxable because it is classified as income not an inheritance since it is income earned by the estate since his death. I an trying to get an idea of what tax rate I should expect to pay. I do not know yet exactly how much I will be receiving.
It is income to you and will be included in your gross income. So when you add the income from the trust and your normal income, you will be able to determine what tax bracket you are in. After the first year or two it will be easier to determine.
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