Question

Filing taxes for a trust account that only gained interest in a money market account.

Forum|Forum|2 years ago
April 15, 2024
1 reply
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I am filing taxes for a trust account that was created last year for the first time. and I want to make sure I am doing it the right way. I am not sure which category I should be selecting to do this

TurboTax Online

D

DianeW777

First you should make sure the interest is high enough to require the estate return to be filed.

$600 or more of taxable income and a trust return is required to be filed.
Interest is entered on Line 1
- Form 1041 Instructions

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A

Anonymous_

Employee

A trust is required to file a 1041 if it has any taxable income or income of $600 or more regardless of taxable income.

See Instructions for Form 1041 and Schedules A, B, G, J, and K-1 (2023) | Internal Revenue Service (irs.gov)

Grantor trusts have several filing options.

See Instructions for Form 1041 and Schedules A, B, G, J, and K-1 (2023) | Internal Revenue Service (irs.gov)

Filing taxes for a trust account that only gained interest in a money market account.

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