Does Trust need to file 1041 form on total earnings of $1103


Joined
Apr 9, 2011
Messages
4
Reaction score
0
Question,

I'm the executor of a fairly simple irrevocable Trust.

The Trust has all of it's money in savings and checking accounts, no other investments.
Total interest earned for the year 2020 was $1103.
The only deduction is real estate tax of $2736, for the house that is held in a Real Estate Trust
This results in an adjusted total income , actually a loss, of -$1633

QUESTION - do we need to file a 1041 Federal Tax return based on the amount of income earned in 2020 ?
 
Ad

Advertisements

BIG E

VIP Member
Joined
Dec 19, 2020
Messages
101
Reaction score
14
Country
United States
Trusts:•Any taxable income,
or•Gross income of $600 or more,

Since interest income exceeded $ 600 - you must file.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top