Must Trust with Just $130 of Income File Tax Return?
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Question:
We have an irrevocable family trust agreement on my Dad’s behalf. We only received a 1099-R for $130. The dividend check was written out to the trust and was deposited into a trust checking account. No distributions were made to beneficiaries. Do we have to pay taxes on this or even file a return?
Response:
No, you do not need to file a return because the filing threshold is $600 of trust income a year.
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