I'm trustee for a trust of decendent who passed away last year. The trust earned interest income in excess of $600 but was offset by bond holdings that were sold at a loss. The finished (but unsubmitted) return shows a loss and no taxes due. Distributions were made to beneficiaries and for all intents and purposes the trust is now *closed*. I bought TT Business thinking I need to file but now I'm confused and not sure. I DID submit Form 8845 / 645 Election because I thought at the time I had to file and wanted to use the fiscal year
My questions:
1) Do I even need to file a final return if no taxes are owed?
2) Do I need to issue K-1s to beneficiaries if there are no taxes owed?
Thank you for any help!
