My dad passed away in November 2023. I am executor for his estate. I filed his 2023 tax return last year. I am in the process of filing estate filing, 1041.

Forum|Forum|1 year ago
February 6, 2025
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The vast majority of the assets have been distributed to the beneficiaries. I left less than $10k in a savings account for possible surprises. The account draws less than .50 per month. My question is can I file the 1041 as final? My plan would be to distribute the remaining funds in the next few months. Thanking you in advance.

M-MTax

The final return is filed when the assets have been distributed and only a small amount is retained for expenses.

Having said that, it would be fine if the assets will be distributed shortly after the return is filed.

ThomasM125

As long as the income of the Trust will be under $600 next year, you should be fine marking the return as final. That is the minimal amount of income below which you are not required to file a trust tax return.

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M-MTax

It's an estate, not a trust and it would be difficult to imagine a scenario where all of the estate assets had been distributed but there was also more than $600 of income the following tax year.