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Level 3

Question

Do I need to file a form 1041

Forum|Forum|3 years ago
February 15, 2023
1 reply
0 views

Hello Experts,

I’m the executor my mom’s estate in NJ for which generated $303 in dividends in 2022. irs.gov states that form 1041 does not have to be filed if income generated is below $600. Looking at the form, it appears I am required to fill it out to close the estate with a 10% tax on the income above $0.00. Any guidance if I am required to file form 1041 would be greatly appreciated. Unfortunately, I have Turbo Tax premier (need business for Form 1041), otherwise I would have used Turbo Tax to guide me with this question.

Thank you in advance,

Dave

Level 15

You aren't required to file form 1041 since the estate income is not more than $600. There is no tax due on the $303 of dividend income.

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