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Old 03-12-2018, 05:11 PM
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When does a trust file?

I'm confused by the 1041 instructions which state that:

"The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section 641 that has: 1. Any taxable income for the tax year, 2. Gross income of $600 or more (regardless of taxable income), or 3. A beneficiary who is a nonresident alien."

So if a trust only has interest income under $600 is it necessary to file a 1041?



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Old 03-13-2018, 04:49 AM
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it depends; in the case of A Complex Trust , it usually has a $100 Exemption, meaning that if the total taxable income was less than $100, there is no need to file a 1041.
However, it is not bad nevertheless, to file a Form 1041 so as to document the final flow of the Trust's assets, but as for tax liailbity , no need.



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