Financial Planner

Answer: A - Form 1041 is used when filing for trusts and estates in each calendar year that it has taxable income and to report income and distributions. The filing requirements include a) the trust has any taxable income for the year, b) the trust has gross income of $600 or more, or c) any beneficiary is a non-resident alien. An executor or administrator must file Form 1041 for a domestic estate that has a gross income of $600 or more or any beneficiary who is a non-resident alien.