I am looking at the requirements for filing a 1041 return for a trust.
The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section
641 that has:- Any taxable income for the tax year,
- Gross income of 0 or more (regardless of taxable income), or
- A beneficiary who is a nonresident alien.
This year (2010) Wisdom Tree killed one of their funds, and the trust I am looking at has a loss which will need to carry forward as it's far greater than the small amount of dividend it received. I've handled the return for 12 years now, and it's always been positive, a bit of interest/dividend, maybe cap gain, all flowing to the beneficiary via K-1.
Should I complete the return along with state to document the carry forward and submit? Or just store them for next year?
Joe