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Re:Decedent's estate (1 viewing) (1) Guest
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TOPIC: Re:Decedent's estate
#127
Mark (User)
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Decedent's estate 1 Year, 9 Months ago Karma: 3  
Question:

I'm not sure if i am posting this in the right section, but do i have to file a fiduciary income tax return for an estate if it will be opened and closed withing the same year? If I dont file anything will there be a penalty?
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#139
Tomas (User)
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Re:Decedent's estate 1 Year, 9 Months ago Karma: 3  
Mark:

You are required to file form 1041 if the estate had income that equalled or exceeded $600.

If the entity was a trust then, if $300 or more.

So, file filing requirement usually depends on the income. However, the IRS also required form 1041 to be filed if the estate was open for a year or more, regardless of income.

I know its confusing.
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#193
Sumo (User)
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Re:Decedent's estate 1 Year, 8 Months ago Karma: 5  
what if the trust income fluctuates over the course of the year, and at the end it does not meet the $300 requirement, but maybe it does throughout the rest of the year?
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