Q: Wanting to confirm what I have researched. An estate only files a federal form 1041 if there is income over $600?
Had to create an estate due to no will being on record for mother. EIN was obtained to create the estate. The assets of the estate were valued at $6483 piece of property. There was nothing that produced income.
A: IRS Form 1041, U.S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income. The decedent and their estate are separate taxable entities. Before filing Form 1041, you will need to obtain a tax ID number for the estate.
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