How do i file a tax return for an irrevocable trust using turbo tax - last year i did it by hand filling a Form 1041

[tagteam · Accepted solution]

"how do i file a tax return for an irrevocable trust using turbo tax"

In order to prepare a 1041 for a trust, you will need to purchase a copy of TurboTax Business as well as a personal income tax preparation product (see note below). https://turbotax.intuit.com/small-business-taxes/

Note: TurboTax Business must be installed and run in a Windows environment; it is not available as an online product nor will it run natively on a Mac. Further, you still need a TurboTax personal income tax preparation product since TurboTax Business is not capable of preparing individual income tax returns (it can only prepare returns for entities).

[Shri42]

I did not see 1041 form listed in TurboTax business. I have ILIT with Separate SSN where I gift every year and I am not beneficiary. Will TT Business guide me thru steps to file ILIT Tax filing process similar to my personal tax using TT Delux ? Is there a video guide that I can watch and understand how this is done between TT Delux and TT Business? Thank you.

[Critter-3]

Will TT Business guide me thru steps to file ILIT Tax filing process similar to my personal tax using TT Delux ? Yes it is interview based just like the personal returns.

Is there a video guide that I can watch and understand how this is done between TT Delux and TT Business?  Not in the program ... you can check U-tube. 

Buy it here :  https://turbotax.intuit.com/small-business-taxes/

[Shri42]

If I gift under $15000 to trust, there is no gift tax. I am told by Trust attorney to report the gift to IRS but I dont see any form in TurboTax Premium. Will TurboTax business create this form as well ? Thank you

[Critter-3]

A gift tax return is separate from income tax. It does not go on her income tax return. TurboTax cannot be used to prepare a gift tax return.

                                                                             
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...