Hi
I have recently become the trustee of what I believe is a rather simple trust overall. Is my understanding correct that if a trust earns less than $600 in interest in a calendar year that a tax return is not required to be filed? If this is correct - is this under any circumstances or are there situations where a trust that has earned less than $600 in income would be required to file a tax return?
Also is the tax year for a trust the same as it is for the rest of us filing personal returns in a calendar year or does a trust follow a different tax year?
Thank You!!
