Can I file 1041 using turbotax live for my living trust?

[tagteam · Accepted solution]

"Can I file 1041 using turbotax live for my living trust?"

Living trusts are virtually always grantor trusts and, as such, are disregarded entities for federal income tax purposes. Therefore, you can report income, gain, etc., directly on your personal income tax return.

See https://www.irs.gov/instructions/i1041#idm140630131849312

Note that if you have obtained an EIN for the trust and have elected to choose an optional method for reporting on a 1041, then you need to use TurboTax Business.

TurboTax Business is capable of preparing a 1041 for a grantor trust, but is not capable of preparing a personal income tax return. Further, TurboTax Business is not available Online nor is there a Mac version; it must be installed and run in a Windows environment on your PC.

See https://turbotax.intuit.com/small-business-taxes/

[SweetieJean]

I think OP is asking if "TT Live" can be used.

[tagteam]

OK. From what I know about TT Live, they do not prepare returns for entities which would include, I have to presume, a 1041 for even something like a grantor trust with an EIN.

On the other hand, if the taxpayer can report information for the RLT (grantor trust) on his/her personal income tax return, I can't see why the taxpayer could not use TT Live.

[tagteam]

---

@karst4 wrote:

Yes, you can use Turbotax Live to file a 1041.

---

TurboTax Live does not support the preparation and filing of a 1041; only individual income tax returns.

See https://turbotax.intuit.com/lp/ppc/1271?srqs=null&cid=ppc_gg_b_stan_all_na_turbotax-live_ty21-bu2-sb...