Trust filing requirements for 1041

I am trustee of irrevocable trust and wanted to confirm if I'm required to submit filling a tax return in the following case: 1) home is in trust and is not producing any income - will sell home in future once fixed up for selling condition. 2) Some stocks in trust have been distributed/- in-kind transferred to beneficiaries - no cash transactions. 3) existing stock left in trust produced dividends for the year less than $100.

Is it required to file since under $600 income and can I wait to file once we sell the home and close out trust?

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1 Best answer

Level 12

Mar 5, 2025 12:05:44 AM

If the trust has less than $100 in taxable income, a return is not required.

You could file one but the minimum exemption for a trust is $100 so it would effectively be a zero return.

Level 12

Mar 5, 2025 12:05:44 AM

If the trust has less than $100 in taxable income, a return is not required.

You could file one but the minimum exemption for a trust is $100 so it would effectively be a zero return.

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Trust filing requirements for 1041