New radial velocity (RV) data obtained at the Dominion Astrophysical Observatory (DAO) in Victoria, British Columbia along with light curve (LC) data for the Algol-type binary V1241 Tau have been simultaneously analysed with the 2003 version of the Wilson-Devinney code (WD2003). There were two distinct LC datasets: one was from the Transiting Exoplanet Survey Satellite (TESS) and the others (BVIc) from the (land-based) Desert Blooms Observatory (DBO). The TESS data were considered to have the least photometric uncertainty; consequently, we derived estimates for M1 (1.91(8) M☉), M2 (1.04(4) M☉), R1 (1.86(1) R☉), R2 (1.73(1) R☉), qWD (0.54(3)), L1 (10.7(8) L☉), and L2 (1.7(2) L☉) following simultaneous analysis (RV+LC) with the WD2003 code. Evolutionary modeling revealed that the primary star is somewhat evolved past the zero age main sequence (ZAMS) while the secondary is much evolved past the terminal age main sequence (TAMS).