Filing requirements for Irrevocable Bypass trust

My father passed away in 2007 and left his assets to my mother in an ordinary Bypass trust. My mother passed away in June 2014 and my father's irrevocable trust was distributed to me and my siblings. However, there was an immaterial $200 amount of income (dividends, interest) that the trust generated between my mother's death and the distributions and closure of the trust a month ago. The instructions for form 1041 indicate that I don't have to file a 1041 if there is any taxable income (not for the trust itself, it is all passed through to the beneficiaries) or if the gross income is greater than $600 (no).

If I don't file a 1041 for this stub year, how will me and my siblings report our share of the $200? Should I nonetheless send them a K-1 form with their share of income? I cannot believe we would not be required to report this income on our individual 1040's.

I would appreciate any help in this area. Thanks.

Andy

Reply to
adwagner
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My father passed away in 2007 and left his assets to my mother in an ordinary Bypass trust. My mother passed away in June 2014 and my father's irrevocable trust was distributed to me and my siblings. However, there was an immaterial $200 amount of income (dividends, interest) that the trust generated between my mother's death and the distributions and closure of the trust a month ago. The instructions for form 1041 indicate that I don't have to file a 1041 if there is any taxable income (not for the trust itself, it is all passed through to the beneficiaries) or if the gross income is greater than $600 (no).

If I don't file a 1041 for this stub year, how will me and my siblings report our share of the $200? Should I nonetheless send them a K-1 form with their share of income? I cannot believe we would not be required to report this income on our individual 1040's.

I would appreciate any help in this area. Thanks. ==========One would report each person's share on their own 1040.

Reply to
D. Stussy

I don't believe a K1 is required to be issued by you in this instance.

Reply to
Pico Rico

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