I have newly formed revocable trusts set up for my three kids. Each has less than $200 in dividend income this year. Do I need to do taxes for them? Form 1041?

[Anonymous_ · Accepted solution]

"Do I need to do taxes for them? Form 1041?"

For a revocable trust (grantor trust), you would only file a 1041 if you obtained an EIN (TIN) for the trust, in which case you could file via an optional method (link below). Otherwise, you do not need to file a 1041.

See https://www.irs.gov/instructions/i1041#idm140630131825216