Sorry for a basic question, but I'm not grasping what I'm being told by the 1041 instructions and can't find any clarification.
I have an irrevocable trust, not required to distribute income and they did not in 2019, but it was only $200 of interest income (cash the only trust asset). And they paid accounting fees of $400.
Per the instructions, if they had "any taxable income" they are required to file a 1041. Is taxable income defined as $200? Or $200 less the accounting fees/exemption amount?
I think the latter, which would mean we have no filing requirement, but I can't find any guidance to confirm.