Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Form 1041 Filing

TP82
Level 3

I have a client who has a Separate Share Trust from his deceased mother that earned $100 in interest last year.  That is the only income reported for this trust for 2020.  Does a 1041 need to be filed or can he report the $100 directly on his Schedule B.  I don't have unlimited 1041's feature and it seems kind of wasteful to pay over $100 to complete a 1041 in Proseries, especially trying to explain to the client why I have to charge him this kind of fee to cover my costs.

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
sjrcpa
Level 15

Read the 1041 instructions for Who Must File. 


ex-AllStar

View solution in original post

6 Replies 6
sjrcpa
Level 15

Read the 1041 instructions for Who Must File. 


ex-AllStar

View solution in original post

TP82
Level 3

Thanks, it says "any" taxable income so that would mean one would need to be filed.  I guess I will try to figure a way around paying the $100 charge to Proseries to file it.  Thanks.

BobKamman
Level 14

It had no expenses?  

Went to the barber yesterday for my first haircut since December.  He was telling me about how his college-graduate stepson had to call AAA to change a flat tire.  I told him there are some tax preparers who can't use pen and ink to fill out a simple return in five minutes.  (Just kidding.)

TP82
Level 3

Downloaded the forms from IRS and Indiana DOR, printed and will let the client mail.  I will advise them that there will be a penalty for missing the filing deadline of April 15, 2021.  This is a new client and a new trust.  Thanks, got my haircut last week. LOL

BobKamman
Level 14

In the old days we would use pen and ink, these days you probably found fillable pdf's.  Is the trust paying the tax, or did you have to do a K-1 also? And how much penalty do you expect for being a month late -- maybe 51 cents, rounded up to a dollar?  

TP82
Level 3

I remember those old days!

0 Cheers