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Level 2

Question

Irrevocable Trust Return

5 replies
22 views

Irrevocable complex Trust account opened in Dec 2024…37 cents interest earned. No other income. Is return required?

Not A Product Question

Level 15

Trusts: Who Must File

The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section 641 that has:

Any taxable income for the tax year;
Gross income of $600 or more (regardless of taxable income);
A beneficiary who is a nonresident alien; or
If you held a qualified investment in a QOF at any time during the year, you must file your return with Form 8997 attached. See the Form 8997 instructions.

Employee Tax Expert

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You must file Form 1041 for a domestic trust that has:

Any taxable income for the tax year
Gross income of $600 or more (regardless of taxable income)
A beneficiary who is a non-resident alien

Do I have to file a trust tax return?

Edited [02/14/25 | 7:07 PM PST]

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Level 15

@DawnC wrote:
The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic estate that has:

Read @aRay999's post. It specifically states "trust"......twice.

Level 2

So does the .37c qualify as income? I thought since it was under .50c it would round down to zero and no return needed.