Irrevocable Trust Return

[aRay999]

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

[M-MTax]

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:

1. Any taxable income for the tax year;

2. Gross income of $600 or more (regardless of taxable income);

3. A beneficiary who is a nonresident alien; or

4. 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.

[DawnC]

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]

[M-MTax]

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@DawnC wrote:

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

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

[aRay999]

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

[M-MTax]

You're correct; no return would be required for that amount of income.