Do I need to file a 1041 for irrevocable trust?

[MCO]

Do I need to file a 1041 for a simple irrevocable trust that I received a 1099-INT for less than $150 interest earned?

[tagteam · Accepted solution]

You might receive a letter from the IRS but, generally, there is a $300 exemption for trusts that distribute all income currently and do not distribute corpus (obviously that would absorb the $150 in interest).

Trusts must report any taxable income, however.