Ask Terry Questions Filing tax forms on an irrevocable trust

Filing tax forms on an irrevocable trust

By Terry Savage on April 10, 2022 | Taxes & Economy

Hi Terry, Is it necessary for me , as trustee to my fathers trust, to file tax form 1040. This irrevocable trust is not earning any interest and just has a cash value and no other assets.

Terry Says

Did you mean to say IRREVOCABLE Trust? If so, then no return is necessary if it doesn’t have any income.
But if you’re talking about an estate plan with a REVOCABLE LIVING TRUST, the answer is slightly different.

Is your father deceased? If so, then ask the estate attorney whether it is necessary to file a final estate return.
If your father is alive, but YOU are the trustee of his RLT, then it depends on the income of the trust. The trust uses HIS social security number — so if he also gets Social Security or other income, you might have to file a return, depending on income. A single person over age 65 must file a tax return for 2021 if he/she has income over $14,250. (That would include any income to the trust.)

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