How to File IRS Form 1041 for 2022 Tax Year
In general, a nongrantor trust must file an annual Form 1041 if its gross income exceeds certain limits. This example we look at a Form 1041 filing for the 2022 tax year.
Taxation of Grantor vs. Non-Grantor Trusts
The U.S. federal tax treatment for a trust will largely depend upon whether the trust is a grantor or non-grantor trust arrangement. This article and video walkthrough discuss some of the basic differences.
When Does a Grantor Trust Need to File IRS Form 1041
A grantor trust is generally not required to file any income tax returns because the income is reported directly on the grantor's federal income tax return. Under some circumstances, the grantor trust may require a Form 1041 filing.