I am trustee/co-trustee for two trusts. The financial firm holding the accounts for the trusts has informed me that 1099s won't be issued until approximately 10 March. I had intended to exercise the 663(b) option to make sure that enough funds were distributed to cover 2016 income, but the late delivery of 1099s will take me past the 65 day limit. I think I am ok on one of the trusts, but the second is probably about $10,000 short on the distribution.
Does the IRS allow extensions to the 65 day rule in cases where they have issued an extension for providing 1099s to the financial firm?
Regards, Dan