Form 1041 Schedule J - is it applicable?

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@cmoore5026 wrote:

Does this mean if this trust does not meet either of the above 2 bullet points (it's not a foreign trust and it was created after 1984), that Schedule J need not be prepared?

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Yes, that is what that means; the schedule is used to report accumulation distributions for certain trusts (i.e., trusts subject to the throwback rules).

Refer also to the instructions at the link below.

See https://www.irs.gov/pub/irs-pdf/f4970.pdf

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