I have newly formed revocable trusts set up for my three kids. Each has less than $200 in dividend income this year. Do I need to do taxes for them? Form 1041?

sally-payne-wi · ‎June 1, 2019

Anonymous_ · ‎June 1, 2019

"Do I need to do taxes for them? Form 1041?"

For a revocable trust (grantor trust), you would only file a 1041 if you obtained an EIN (TIN) for the trust, in which case you could file via an optional method (link below). Otherwise, you do not need to file a 1041.

See https://www.irs.gov/instructions/i1041#idm140630131825216

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Anonymous_ · ‎June 1, 2019

"Do I need to do taxes for them? Form 1041?"

For a revocable trust (grantor trust), you would only file a 1041 if you obtained an EIN (TIN) for the trust, in which case you could file via an optional method (link below). Otherwise, you do not need to file a 1041.

See https://www.irs.gov/instructions/i1041#idm140630131825216

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I have newly formed revocable trusts set up for my three kids. Each has less than $200 in dividend income this year. Do I need to do taxes for them? Form 1041?