M-MTax
Level 12

Business & farm

You can make the 663(b) election if the distribution is made within 65 days of the close of the trust's tax year.

 

However, you are not required to file a return if the trust has neither income nor gains (or otherwise incurred any expenses (deductions) or received any tax credits). 

 

Regardless, you can file a return marked as "final" to officially close out the (terminated) trust with the IRS.