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What are the actions to be performed before checking qualifying distributions?

  • Reduce any undistributed income for 2022, but do not go below zero.

  • Use any part of or all remaining qualifying distributions to satisfy elections. For example, if undistributed income remained for any year before 2022, it could be reduced to zero, or, if you wish, the distributions could be treated as distributions out of corpus.

  • If no elections are involved, apply the remaining qualifying distributions to the distributable amount. If the remaining qualifying distributions are greater than the 2023 distributable amount, the excess is treated as a distribution out of corpus.

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