Solved

Do I have to file a 1041 return again next year on a 1041 return that receives a federal tax refund this year? The refund is about $14,000.

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

I'm filing a 1041 for my parents trust (they both passed away in 2015). The beneficiaries received their funds in 2016. I received proceeds from an annuity that withheld federal tax. The beneficiaries will be getting K-1's for their share of the proceeds. They will be responsible for taxes on their share. The 1041 will get a refund for the fed tax that was withheld (almost $14,000). Will I have to file a 1041 return again next year?

Best answer by Anonymous_

" Will I have to file a 1041 return again next year?"

Only if the trust has any taxable income for the tax year or gross income of $600 or more (regardless of taxable income) and you should consider marking your 2016 return for the trust as the final return if all of the corpus has been distributed.

A

Anonymous_Answer

Employee

" Will I have to file a 1041 return again next year?"

Only if the trust has any taxable income for the tax year or gross income of $600 or more (regardless of taxable income) and you should consider marking your 2016 return for the trust as the final return if all of the corpus has been distributed.