I have a complex trust that only receives an RMD distribution from an IRA in it. When the $100 exemption amount and the cost of Turbotax Business is entered as deductions, the accounting income on the 1041 is less than the distribution to the beneficiary which consisted solely of the RMD amount. Turbotax Business says Schedule J should be prepared (it's never indicated that before when there was a similar situation with this trust). I read in IRS Schedule J instructions the following:
"Use Schedule J (Form 1041) to report an accumulation distribution for a domestic complex trust that was:
Previously treated at any time as a foreign trust (unless an exception is provided in future regulations); or
Created before March 1, 1984, unless that trust would not be aggregated with other trusts under the rules of section 643(f) if that section applied to the trust."
Does this mean if this trust does not meet either of the above 2 bullet points (it's not a foreign trust and it was created after 1984), that Schedule J need not be prepared?
