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Level 1

My father passed in 12/17. He had a living trust. His estate was about $1 million. We got a tax id for the trust. Do I have to file anything on the trust with IRS?

Perhaps just form 56 needs to be filed?

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Level 7

My father passed in 12/17. He had a living trust. His estate was about $1 million. We got a tax id for the trust. Do I have to file anything on the trust with IRS?

A trust is for income earned by the estate after the date of death until the assets are distributed to the heirs.

If this income is over $600 a trust return is required to be filed.

I would suggest you discuss this with the Atty handling the Estate.

If you do a trust return you will need a separate Employer Indetifnaction Number (EIN) and also determine which tax year you will be using as year-end (as it many times is not 12/31 as it is for individuals).

You also must use TurboTax Business Software to do 1041.  https://turbotax.intuit.com/small-business-taxes/

Sorry for your loss. 

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Level 7

My father passed in 12/17. He had a living trust. His estate was about $1 million. We got a tax id for the trust. Do I have to file anything on the trust with IRS?

A trust is for income earned by the estate after the date of death until the assets are distributed to the heirs.

If this income is over $600 a trust return is required to be filed.

I would suggest you discuss this with the Atty handling the Estate.

If you do a trust return you will need a separate Employer Indetifnaction Number (EIN) and also determine which tax year you will be using as year-end (as it many times is not 12/31 as it is for individuals).

You also must use TurboTax Business Software to do 1041.  https://turbotax.intuit.com/small-business-taxes/

Sorry for your loss. 

View solution in original post

Level 1

My father passed in 12/17. He had a living trust. His estate was about $1 million. We got a tax id for the trust. Do I have to file anything on the trust with IRS?

The income since passing was only nominal - way under $600.  The trust's assets got distributed as of 12/31/17.  Does this change your answer?  Thanks
Level 7

My father passed in 12/17. He had a living trust. His estate was about $1 million. We got a tax id for the trust. Do I have to file anything on the trust with IRS?

It is then below $600 and no 1041 is then required to be filed.