Can I file my K-1 (Form 1041) separately? I only received a small amount from the trust that makes the form necessary. I don't want to pay $140 for turbotax 'premier'.

Is turbotax simply unacceptable if you receive income from a trust?

Update: I was able to clear my filing information (getting premier off) and (through the IRS website) switched to the Free File version. I'm going to try again and see if it forces me to pay when I try to include my K-1.

1025

Expert Alumni

Mar 21, 2021 4:03:32 PM

No, you cannot file a Form K-1 by itself. It has to be reported as a part of your tax return.

Level 2

Mar 21, 2021 4:10:59 PM

So, is there any way to bypass paying $140 for the 'premier' version while still accurately filing my taxes with Turbotax?

Expert Alumni

Mar 21, 2021 5:33:34 PM

Possibly. If your Trust K1 is only reporting interest and/or dividend income, you could report the amounts directly to the interest or dividend sections of TurboTax. Make sure and indicate the Trust as the payor. If it gets more complicated than that, you will need to upgrade for any business income or capital gain income to flow to the correct lines on your tax return. If your income is below $39,000, you would qualify for Freefile and have all forms available for your. Click here to find out more

Level 2

Mar 22, 2021 12:26:22 AM

Thank you SamS1! I did find the IRS Freefile turbotax service and was able to include any relevant forms for free due to my low income. Hooray Turbotax! If I ever earn enough to warrant some serious tax-work, turbotax will certainly get my business.

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Can I file my K-1 (Form 1041) separately? I only received a small amount from the trust that makes the form necessary. I don't want to pay $140 for turbotax 'premier'.