I have a 1099-Int (slightly over $600) for a trust of my deceased parents. It has the correct EIN number on it for the trust so I plan on using TurboTax Business, which I just purchased just for the trust. I have some questions regarding options in the software and another question regarding other income.
1. We still have one of the bank accounts that were part of the trust still under the trust. It produces no income at all and we were thinking of closing it only when we were sure there were no other payments due the trust coming in. The 1099-INT mentioned above is the last one as far as we know and for sure from that company. Can we go ahead and make this the final return for the trust (making it a complex trust) or do we have to leave it as a simple trust and not make it the last return because there is a bank account still open even though it will produce no income and we plan on closing the account this year.
2. There is a second 1099-INT from a credit union where the CU didn't apply the EIN for the trust but rather used the TIN of our last surviving parent that passed away in 2020. Long story, but they kept messing up and didn't get things done on time. The account was closed early this year and there was a little interest left. Do I just consider this as not needing to be mentioned since it's all by itself, no other income, less than $600 and no more coming? Or , does it need to be , or should it be, mentioned as income on the trust 1041 even though it is reported under the wrong TIN?
Thanks, NekoTax
