TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

Irrevocable Trust Return

Forum|Forum|1 year ago
February 15, 2025
2 replies
5 views

Irrevocable complex Trust account opened in Dec 2024…37 cents interest earned. No other income. Is return required?

Not A Product Question

Level 15

Trusts: Who Must File

The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section 641 that has:

Any taxable income for the tax year;
Gross income of $600 or more (regardless of taxable income);
A beneficiary who is a nonresident alien; or
If you held a qualified investment in a QOF at any time during the year, you must file your return with Form 8997 attached. See the Form 8997 instructions.

Level 15

You must file Form 1041 for a domestic trust that has:

Any taxable income for the tax year
Gross income of $600 or more (regardless of taxable income)
A beneficiary who is a non-resident alien

Do I have to file a trust tax return?

Edited [02/14/25 | 7:07 PM PST]

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Level 15

@DawnC wrote:
The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic estate that has:

Read @aRay999's post. It specifically states "trust"......twice.

Level 2

So does the .37c qualify as income? I thought since it was under .50c it would round down to zero and no return needed.