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Get your taxes done using TurboTax
Yes, an irrevocable trust becomes a separate tax entity, which means a tax return will be submitted on behalf of that trust. You will need to complete and submit Form 1041 if the estate generates more than $600 in gross income for the tax year. However, an irrevocable trusts may be a grantor or nongrantor trusts and these types of irrevocable trusts are not necessarily required to file an income tax return (Form 1041).
[Edited 03/19/2020 | 4:00 pm PDT]
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March 18, 2020
10:16 AM