Tax Software

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I have money invested, that is in an irrevocable trust, do I have to file a tax return if no money was made on the investment? If I do, what kind of software will I need for my macOS Monterey?

HollyP

Employee Tax Expert

No, unless any of the following are true. You must file Form 1041 for a trust that has:

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

If you are required to file Form 1041, you will need TurboTax Business. However, TurboTax Business is a Windows-only software program available as a CD or download.

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