No, you need TurboTax Business to prepare a Form 1041 for a trust and associated K-1s.
TurboTax Business must be installed and run in a Windows environment and note that you also need a product, like Home & Business, to prepare your individual income tax return (1040).
Here's a link to the product you need:
https://turbotax.intuit.com/small-business-taxes/cd-download/
I have Premier on my Mac and am finished with my deceased dad's taxes, ready to file. How can I upgrade to Business since I need to have from 1041 and that is not available on a PC!? Can I upgrade and switch to my PC?
You can switch to your PC but TurboTax Business is not an upgrade, it is an entirely separate program that needs to be purchased separately.
That does not make sense. I already purchased Premier which I could have put on my PC, but I put on my Mac instead. I did not realize I needed Form 1041 when I did that.
To prepare a 1041 return, you need to buy Turbo Tax Business Desktop program, not to be confused with the personal Home & Business version. Home & Business is just for personal returns that need schedule C for self employment. TT Business is not available to do online or on a Mac. You can buy the Windows Desktop program here,
https://turbotax.intuit.com/small-business-taxes/cd-download
Window System Requirements
https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-windows-software/00/26175
How to file a 1041 Estate/Trust return
https://ttlc.intuit.com/community/my-tax-return/help/how-do-i-file-form-1041-for-an-estate-or-trust/01/26382
Oh sorry that first link I posted didn't go to the right place. They now have a new Business version that is only online and not the desktop program.
You can buy the Windows Desktop program here,
https://turbotax.intuit.com/small-business-taxes/cd-download
@cchanin wrote:
That does not make sense. I already purchased Premier which I could have put on my PC, but I put on my Mac instead. I did not realize I needed Form 1041 when I did that.
It actually makes no difference, not one bit, since the two programs operate in a completely separate manner (they do not communicate with each other).
There is no downside to having your copy of Premier on your Mac and TurboTax Business on your PC.
If I had put Premier on my PC, I could have upgraded to Business? Now I need to pay for both Premier and Business!
@cchanin wrote:
If I had put Premier on my PC, I could have upgraded to Business? Now I need to pay for both Premier and Business!
No you cannot upgrade from the Premier desktop edition to the Business Edition. The Business Edition is a totally separate TurboTax program.
You can upgrade from Premier to Home & Business, but that will do you no good since the Home & Business edition cannot be used for a Corporate or Partnership tax return. Those types of tax returns can only be completed by the Business Edition.
So you need two separate TurboTax programs, one for your personal tax return and one for your Corporate or Partnership tax return.
@cchanin wrote:
If I had put Premier on my PC, I could have upgraded to Business?
No, they are separate programs and each incur a separate charge.
You would have needed to pay for both programs anyway.
I REALLY wish that was made clear when I was searching for how to fill out a 1041 for a very simple Estate. When you have only been using TurboTax Deluxe, and you are told you need TurboTax Business, upgrading to the Home and Business version seemed the next step. Only when I still couldn't upload the 1041 form, did I look further. I'll be wiser next year!
Yes I am feeling kind of ripped off here. I just spent $60 to upgrade regular Mac Turbotax to Turbotax Home & Business because that supposedly could be used for a 1041. However it turns out that "Home & Business" is a totally different product than "Business." You should clarify this on your help pages.
I too mistakenly upgraded to TT Home & Business thinking I could file the required 1041 for a simple trust. This is very aggravating, I don't have a Windows system to install TT Business on, only a Mac, so I guess I have to do it the old fashioned way. Not very helpful Intuit!