We just set up a Living Trust in late 2018. Trust Income does not exceed $600 therefore no 1041 is needed, but do I have to include that trust income in my 1040?

[pfeilmcca]

One of your answers says you have to file a 1041 with Zero to satisfy the IRS looking for the EIN? I thought the rules say no filing is required if income does not exceed 600. Does Trust income get put into the 1040?

[JulieR]

Yes, if this is a Revocable Living Trust, the income is reported on your 1040. 

A Revocable Living Trust, in general, will not have to file IRS Form 1041, the U.S. Income Tax Return for Estates and Trusts, at least not as long as you're alive and well and serving as its trustee. The trust's tax identification number is your own Social Security number because you still technically own all the assets the trust contains.

All interest, dividends and other income earned by those assets are reported to the Internal Revenue Service on your own tax return. All income earned by your revocable living trust is reported on your personal Form 1040, not on a separate revocable trust tax return. That said, there are a few reasons why a separate tax ID number may be required for your revocable living trust. 

[Edited 03.19.2019 at 4:02 PM pst]

[JulieR]

Please see edited answer

[grandma3boys]

My trust has an ID# does this mean I need to file a 1041

[tagteam · Accepted solution]

---

@grandma3boys wrote:

My trust has an ID# does this mean I need to file a 1041

---

Not necessarily. If the trust is a grantor trust you might be able to use one of the optional methods of filing (i.e., without filing a 1041) enumerated at the site at the link below.

https://www.irs.gov/instructions/i1041#idm140366310233824

@grandma3boys