A couple questions on 1041 AMT Schedule For A Trust Return
I am filing a FINAL 1041 for my parent's Trust. Unfortunately, there was just over $600 in dividends and interest so I have to file (dang it!), but no other income at all and the Trust is closed now with the $600+ having been distributed to three children.
At any rate, it seems that it should be rather simple, but the whole Alternative Minimum Tax thing has got my head spinning. I started to fill out the Schedule I for AMT and it seems to get very complicated real fast...
I guess if I can get an answer to a couple questions, I may OK...
SEE IMAGE
Line 1 is the income that was distributed to the beneficiaries (from the Form 1041)
For the rest of the Lines through Line 22, especially Line 2 Interest... are these only for items that apply if the Trust were to continue and had other income and whatever all that stuff is? Stuff that the Trust would have been responsible for paying taxes on but not applicable in this case?
Do I even need to fill out the AMT Schedule and mail it with the 1041 since there is no more Trust income other than the distributed $600+ and having closed the Trust? Or do I have to fill it out to show that and mail it in... well, maybe just this Part I page since Line 23 is below the threshold...?
Posted Apr 9, 2025, 8:23 PM UTC