unexpected interest income after 1041 final filed

the trust 1041 final was filed in 2021....I received unexpected award settlement in summer 2024 and now I have received a 2024 int-1099 pertaining to this....I deposited the check into the trust acct which I have not closed yet....the check was made out to the trust and the 1099 recipient is also the trust....do I need to file and pay tax..

371

Expert Alumni

Apr 12, 2025 7:16:22 AM

TurboTax provides the following information on when to file a Trust return:

"You must file Form 1041 for a domestic trust that has:

Any taxable income for the tax year
Gross income of $600 or more (regardless of taxable income)
A beneficiary who is a non-resident alien

For more information, see the link below:

When to file a Trust return

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unexpected interest income after 1041 final filed