Form 1041

[spencerordin]

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.

[VolvoGirl]

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.

[spencerordin]

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.

[Anonymous_]

@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