First off, thank you for any help.
My Mom passed in late 2024 and as Executor I set up 4 trusts (each with its own EIN) for her 4 grandkids (my 2 included). Trusts were set up and funded mid 2025. I put the money ($25K each) in a bank account, but to get better interest I moved $24K in a CD. The interest for all 4 accounts (for those CDs) was exactly the same ~$476. Consequently, I received 4 1099-INTs all with the same ~$476. It seems like I would have normally to file a 1041 except the amount for 2025 is below the $600 threshold. Is this correct? However, I anticipate more than $600 in interest in 2026, so it appears I will have to file a 1041 in 2027 for 2026; is this correct? Finally, I have been using TurboTax Deluxe for about 30 years, but it seems to do taxes I need TurboTax business; s that correct and if so do I buy them separately?
Again, thanks for any help.
