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Level 3
posted Feb 15, 2023 2:39:59 PM

Do I need to file a form 1041

Hello Experts,

I’m the executor my mom’s estate in NJ for which generated $303 in dividends in 2022.   irs.gov states that form 1041 does not have to be filed if income generated is below $600.  Looking at the form, it appears I am required to fill it out to close the estate with a 10% tax on the income above $0.00.  Any guidance if I am required to file form 1041 would be greatly appreciated.  Unfortunately, I have Turbo Tax premier (need business for Form 1041), otherwise I would have used Turbo Tax to guide me with this question.

 

Thank you in advance,

Dave

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1 Replies
Expert Alumni
Feb 15, 2023 2:49:30 PM

You aren't required to file form 1041 since the estate income is not more than $600. There is no tax due on the $303 of dividend income.