Mark (User)
Senior Boarder
Posts: 66
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Decedent's estate 1 Year, 8 Months ago
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Karma: 3
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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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Tomas (User)
Senior Boarder
Posts: 69
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Re:Decedent's estate 1 Year, 8 Months ago
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Karma: 3
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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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Sumo (User)
Gold Boarder
Posts: 169
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Re:Decedent's estate 1 Year, 7 Months ago
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Karma: 5
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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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