In general, you will not have to file IRS Form 1041, the U.S. Income Tax Return for Estates and Trusts, for your revocable living trust – at least not as long as you're alive and well and serving as its trustee. Revocable trusts are flow through trusts and all income is recognized by the beneficiaries. All interest, dividends and other income earned by those assets are reported to the Internal Revenue Service on your own tax return. All income earned by your revocable living trust is reported on your personal Form 1040, not on a separate revocable trust tax return.
A form 1041 is only needed depend on complex personal circumstances. You don't have to report income and losses on your own personal return, and sometimes it can be better not to do so, but you'll pay any taxes due, all the same, either personally or out of the trust and the Trust tax rates are often higher than personal rates.
Revocable Trusts become irrevocable at death and then must have their own EIN number and file tax returns.
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