Filing taxes for a trust account that only gained interest in a money market account.

[bren955103]

I am filing taxes for a trust account that was created last year for the first time. and I want to make sure I am doing it the right way. I am not sure which category I should be selecting to do this

[DianeW777]

First you should make sure the interest is high enough to require the estate return to be filed.

• $600 or more of taxable income and a trust return is required to be filed.
• Interest is entered on Line 1
  • Form 1041 Instructions

[tagteam]

A trust is required to file a 1041 if it has any taxable income or income of $600 or more regardless of taxable income.

See Instructions for Form 1041 and Schedules A, B, G, J, and K-1 (2023) | Internal Revenue Service (irs....

Grantor trusts have several filing options.

See Instructions for Form 1041 and Schedules A, B, G, J, and K-1 (2023) | Internal Revenue Service (irs....