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posted Jun 1, 2019 11:14:05 AM

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?

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Level 15
Jun 1, 2019 11:14:07 AM

"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

1 Replies
Level 15
Jun 1, 2019 11:14:07 AM

"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