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Business & farm
Disagree...for this purpose it's taxable income versus tax-exempt income. If the trust has $600 or more of gross income including tax-exempt or ANY income over the exemption amount subject to being taxed file a 1041. See what happens if the trust gets a 1099INT with $500 in taxable interest and a 1041 doesn't get filed.
‎August 18, 2023
5:37 PM