My husband passed away October 28, 2024. He had 1 investment account in his revocable trust using his SS#, which is now an irrevocable trust and I am the beneficiary of the account per the trust. His remaining assets are IRAs and will pass to me as the beneficiary. The investment account has earned a little over $80 since he passed. Do I have to get a TIN and file form 1041? Or can the income since his passing and up to being transferred to my name and SS# later this week, be reported under his SS# on the 1099 and be reported on our married filing joint tax return.
Trusts get an exemption of either $100 or $300 depending on if they must distribute all income currently or not.
Even if the trust gets the lower exemption of $100 the income of around $80 is still less than that so the trust would owe no tax...........it would be a waste of time to file a 1041. You're better off reporting it on your own return instead.
Very sorry for your loss.
So the dividends can be reported on his 1099Div and included in the income on our joint return?
Thank you.