1041 Taxable Income

[hxtudou]

Hello, 

Parent passed away in Aug 2024. The estate would only have interest/div income.

Get 1099 for the parent. Calculated portion applicable to the estate (after the date of death).

The estate interest/div income would be less than $600.

Understand that I would not be required to file 1041.

But suppose I file it anyway, what would be total taxable income?

Line 23 Taxable income. Subtract line 22 from line 17. If a loss, see instructions.

Line 17 is like $19 and line 22 is $600 (exemption).

Would taxable income be simply $19 in this case? Instruction is not quite clear.😂

[M-MTax]

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@hxtudou wrote:

Would taxable income be simply $19 in this case? Instruction is not quite clear.😂

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It would be $0 in this case. The exemption ($600) exceeds the estate's AGI.

I am sorry for your loss.