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Do I need to file a 1041 for irrevocable trust?
Do I need to file a 1041 for a simple irrevocable trust that I received a 1099-INT for less than $150 interest earned?
You might receive a letter from the IRS but, generally, there is a $300 exemption for trusts that distribute all income currently and do not distribute corpus (obviously that would absorb the $150 in interest).
Trusts must report any taxable income, however.
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