topic Re: Form 1041 in Get your taxes done using TurboTax

Form 1041

spencerordin — Wed, 03 Mar 2021 05:32:25 GMT

I am using Turbo Tax premier. My husband passed away in August, 2020. I had to apply for an EIN to transfer some company stock he owned into my name but I have not touched the stock. When I received my EIN number, the paperwork said I would need to file a Form 1041. What is this? And do I need to file this if I have not cashed in the stock? Also, do I need to upgrade to TT Business if I need to fill out form. I am just very confused at this point.

Re: Form 1041

VolvoGirl — Wed, 03 Mar 2021 05:36:29 GMT

Don't know if you needed to get a EIN. You probably should have used your ssn. A 1041 is an Estate/Trust return. For 2020 you can still file a Joint return.

Re: Form 1041

spencerordin — Wed, 03 Mar 2021 06:02:09 GMT

E trade required an EIN number for transfer. I thought it was over the top at the time since it was less than $70000 involved.

Re: Form 1041

Anonymous_ — Wed, 03 Mar 2021 16:24:02 GMT

@spencerordin

E*Trade will send you (or would have sent you) a 1099 (with the estate's EIN) if the estate had income or capital gain/loss.

Generally, unless the estate, itself, had gross income of $600 or more a 1041 would not be required.

See https://www.irs.gov/instructions/i1041#idm140229151947712