We set up an irrevocable trust for a legal settlement for our minor child. The settlement fund is being invested in a Schwab brokerage account under the name of the trust. We received Form 1099 composite forms from Schwab for TY2019. Must I file 1041 for this minor trust? Netting all the dividends, interests and capital losses, there is about $2K income reported in the 1099 composite.
We have no intention of withdrawing from this trust brokerage account nor have intention to add or remove fund to it since it was opened. Thank you in advance for your help!
