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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6703
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Trying to figure out if I need to file a 1041 sons family

Customer Question

trying to figure out if I need to file a 1041 for my sons family special needs trust since the money came from a life insurance policy?
JA: Thanks. Can you give me any more details about your issue?
Customer: My sons father died he left myson 125K in life insurance I secured an EIN opened a family special needs trust bank account and had the check deposited in that account.
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Submitted: 11 months ago.
Category: Tax
Expert:  Stephen G. replied 11 months ago.
It doesn't matter where the money came from if it is now in a Trust; what matters is how much income the Trust has earned for 2015 as to whether or not a return needs to be filed.Here are the requirements to file:The fiduciary (or one of the jointfiduciaries) must file Form 1041 for adomestic trust taxable under section641 that has:1. Any taxable income for the taxyear,2. Gross income of $600 or more(regardless of taxable income), or3. A beneficiary who is anonresident alien.
Expert:  Stephen G. replied 11 months ago.
Just checking in..................I see that you've had a chance to read my response, do you have any follow-up questions?If not, please remember to rate my response as that is the only way we receive credit for our share of any payment that you have already made.Thanks very much,Steve G.
Expert:  Stephen G. replied 10 months ago.
Just checking in..................I see that you've had a chance to read my response, do you have any follow-up questions?If not, please remember to rate my response as that is the only way we receive credit for our share of any payment that you have already made.Thanks very much,Steve G.