Hello,
Thank you all in advance for your help! For tax year 2021 regarding a decedent's estate, the IRS states:
The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic estate that has:
Gross income for the tax year of $600 or more, or
A beneficiary who is a nonresident alien.
If you held a qualified investment in a qualified opportunity fund (QOF) at any time during the year, you must file your return with Form 8997 attached. See the Form 8997 instructions.
The estate has only 1 bank account, and although the account's value is more than $600, the interest it gained since my relative's death was far, far less than $600. The gross income in this case is just the interest gained, not the value of the account, right? Would the fiduciary still be required to file a 1041 or is it okay in this case to not file a 1041 since the interest gained is less than $600? The IRS would not be expecting a 1041, right?
I tried calling the IRS only for them to say they do not answer questions on 1041. Thank you again for your help in these stressful times.
