I think these are two relatively simple questions. Never having done estate taxes I am sure they are easy for someone to answer who is better educated and is familiar with TurboTax For Business when using it for a trust.
In short, my mom passed in 2024 and a new trust was established with me as the new trustee, her executor. She sold her house prior to passing, so all she had was money in an investment account. I received a1099-INT and 1099-DIV totaling about $700 in dividends, $4,600 in interest income and $13,300 in Treasury bonds. My deductions were about $5,600 which were for the accountant who last year helped me with her estate taxes.
The two questions are:
1) There is a question in TurboTax For Business where it asks if I made distributions to the beneficiaries. Well the $400K+ estate was split 3 ways amongst me and my siblings before 2025's end, but TurboTax specifically refers to only the $13,500 in what is called "Accounting Income" (I have no idea how this amount was derived). I answered yes, gave the 33% amount for percentages, but I am not sure if this is correct since the distributed amount was a much greater sum than just the Accounting Income.
2) Related to question #1, I can't see with the Business version (yes if I use TurboTax as an individual) but is there a way to hire a tax expert to see if I did things correctly? I am somewhat but not 100% confident I did things correctly. My gut is that I am somewhat close.
Thank you for any answers!
