ljwalters Posted February 18, 2015 Report Share Posted February 18, 2015 Trust income was 2 1099int totaling $39. Trust is now closed. no final ever filed Does it need to be filed at least to submit final return? Client doesn't think it needs to be filed. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted February 18, 2015 Report Share Posted February 18, 2015 (edited) From the instructions for 1041: Trust The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section 641 that has: Any taxable income for the tax year, Gross income of $600 or more (regardless of taxable income), or A beneficiary who is a nonresident alien. I would file a final return because the penalties for not filing a return are stiff. And excess deductions will pass out to beneficiaries. Edited February 18, 2015 by jmdaviscpa 2 Quote Link to comment Share on other sites More sharing options...
ljwalters Posted February 18, 2015 Author Report Share Posted February 18, 2015 Thanks Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted February 18, 2015 Report Share Posted February 18, 2015 You're welcome! I wanted to look it up for myself, too. I've not filed 1041s for estates with less than 600 before. Now I'm wondering if I was wrong! Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 18, 2015 Report Share Posted February 18, 2015 Tell him it's not only 'required', it's to his benefit to close it out properly, so that nothing comes up to bite him later. He does not want to be getting something from the IRS about it several years down the road. 1 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 18, 2015 Report Share Posted February 18, 2015 The lady who set up "my" PIA trust passed away on Jan 8, 2015. When is the final return due? 2015 or 2016? Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 19, 2015 Report Share Posted February 19, 2015 2015 I believe. Quote Link to comment Share on other sites More sharing options...
Randall Posted February 22, 2015 Report Share Posted February 22, 2015 What about an estate with no income but there's an EIN. Do you file a return just to close out the EIN or just let it ride? Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted February 22, 2015 Report Share Posted February 22, 2015 I've done both. Depends on whether there are excess deductions and whether bene's can use them. Quote Link to comment Share on other sites More sharing options...
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