Solved: Do I need to file a 1041 for irrevocable trust?
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MCO
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Do I need to file a 1041 for irrevocable trust?

Do I need to file a 1041 for a simple irrevocable trust that I received a 1099-INT for less than $150 interest earned?

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tagteam
Level 15

Do I need to file a 1041 for irrevocable trust?

You might receive a letter from the IRS but, generally, there is a $300 exemption for trusts that distribute all income currently and do not distribute corpus (obviously that would absorb the $150 in interest).

 

Trusts must report any taxable income, however.

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1 Reply
tagteam
Level 15

Do I need to file a 1041 for irrevocable trust?

You might receive a letter from the IRS but, generally, there is a $300 exemption for trusts that distribute all income currently and do not distribute corpus (obviously that would absorb the $150 in interest).

 

Trusts must report any taxable income, however.

View solution in original post

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