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Q: Do I need to file a Fiduciary Tax Return?
A: A Trust
or an Estate is required to file an Income Tax Return (Form 1041) if the Trust or Estate generates more than $1 of taxable
income in the calendar year. Generally a Trust or Estate will be required to file a Form 1041 Income Tax Return for each
calendar year, starting from the date of the decedant's death and until all the assets are distributed to the beneficiaries.
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Q: My loved one has passed away, what tax returns need to be
filed?
A: The Trustee/Personal Representative will need to file the following tax returns for the decedent: (1) Form
1040 Individual Income Tax Return, (2) Form 706 Estate Tax Return, and (3) Form 1041 Trust and Estate Income Tax Return.
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