topic Re: Irrevocable Trust Return in Get your taxes done using TurboTax

Irrevocable Trust Return

aRay999 — Sat, 15 Feb 2025 03:15:09 GMT

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

M-MTax — Sat, 15 Feb 2025 04:00:49 GMT

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.

DawnC — Sat, 15 Feb 2025 04:09:32 GMT

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

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

M-MTax — Sat, 15 Feb 2025 04:03:03 GMT

@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.

aRay999 — Sat, 15 Feb 2025 14:23:28 GMT

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

M-MTax — Sat, 15 Feb 2025 14:24:38 GMT

You're correct; no return would be required for that amount of income.