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DSM
Visitor II

Form 1041 for Irrevocable Trust

My Aunt established an Irrevocable Trust in November 2017 and I am one of the Trustees.  The money placed in the trust account was from her funds and the sale of her home.  All funds owned by the trust are in a checking or savings account.  Am I required to file a 1041 for the Trust?  (fyi: the aunt has not had enough income for several years to require that she file a personal income tax return)

1 Comment
Catalyst V

Form 1041 for Irrevocable Trust

It depends on a number of factors...such as;

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 taxyear,
2.
Gross income of $600 or more (regardless of taxable income), or
3.
A beneficiary who is a nonresident alien
 
See the instructions for Form 1041 for more information