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Can I file a Final 1041 for a trust liquidated in 2020 now?

Forum|Forum|6 years ago
May 11, 2020
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We have liquidated the Trust for my Mother with all distributions made in early 2020. Can I file the final 1041 for 2020 now or do I need to wait until the end of 2020?

TurboTax Business Windows

Best answer by Anonymous_

A 2019 Form 1041 for a trust can be filed for a tax year beginning and ending in 2020 if the trust has a tax year of less than 12 months that begins and ends in 2020 and the 2020 Form 1041 is not available by the time the trust is required to file its tax return.

See https://www.irs.gov/instructions/i1041#idm140366338175360

Frankly, you are probably better off waiting until the 2020 forms (and program) are available since any tax reporting statements will most likely not be issued until early next year and you will have to print and manually modify certain forms in the 2019 version of TurboTax Business.

A

Anonymous_Answer

Employee

A 2019 Form 1041 for a trust can be filed for a tax year beginning and ending in 2020 if the trust has a tax year of less than 12 months that begins and ends in 2020 and the 2020 Form 1041 is not available by the time the trust is required to file its tax return.

See https://www.irs.gov/instructions/i1041#idm140366338175360

Frankly, you are probably better off waiting until the 2020 forms (and program) are available since any tax reporting statements will most likely not be issued until early next year and you will have to print and manually modify certain forms in the 2019 version of TurboTax Business.