Form 1041 Estate Tax Return

[canastasio]

Am preparing Form 1041 for my father-in-law's estate.  His daughters sold his house in 2018 and each of them received a 5-digit payout from it in 2019.  When I prepare the Form in TurboTax, the K-1s all come back blank with no figures listed in Box 1, 2, or 3.  The house was appraised for $430k but sold for 400k.  Is the blank K-1 due to the fact that, on paper, the house sale reflected a realized loss of 30k, and thus none of the daughters technically experienced a capital gain (and thus don't owe any tax on it)?  How should the payout be reflected on their individual 1040 returns?  Thanks much for any help/insight on this. 

[24152415e]

I have the turbotax home and business.

How do I get the tax return # 1041? It does not downoad

[VolvoGirl]

@24152415e   The Home & Business program won't prepare a 1041.  Did you buy the separate Business program here?  https://turbotax.intuit.com/small-business-taxes/   Do you have a Windows computer?  Where do you get stuck trying to download it?

Turn off your antivirus.  Use a different browser to download it like Chrome or FireFox.  It doesn’t like IE11.  

How to install Turbo Tax on Windows

https://ttlc.intuit.com/community/refund-status/help/how-do-i-install-the-turbotax-software-for-wind...

[VolvoGirl]

Found the link I was looking for.  

If you are having trouble downloading to Windows

https://ttlc.intuit.com/community/installing/help/troubleshoot-turbotax-for-windows-download-issues/...

[canastasio]

Thanks Tagteam!  Still confused though -- this return isn't the final return, as the estate's funds weren't expended within the 2018 tax return's time frame.  But the beneficiaries received funds from the sale of the house in summer 2019, so I presumed they had to report that when they filed 2019 taxes this year.  Perhaps I'm not clear on what the expectation is for them to report the funds.  Also still not clear why the K-1s would be blank -- shouldn't they show either a positive or negative number for the house ale proceeds?  Do they not report them until after the final return is submitted, at which time the K-1s would then get populated with the capital loss incurred by the sale of the house?

[Gmoney43]

In order to file Fed form 1041 for the estate of my aunt who passed in 2019, I understand that I need to download the Turbo Tax Business edition. Before doing so, please confirm that I can complete the Fed and CA state returns, and that the returns can be downloaded, completed, and submitted via an Apple Mac.

[DoninGA]

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@Gmoney43 wrote:

In order to file Fed form 1041 for the estate of my aunt who passed in 2019, I understand that I need to download the Turbo Tax Business edition. Before doing so, please confirm that I can complete the Fed and CA state returns, and that the returns can be downloaded, completed, and submitted via an Apple Mac.

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The TurboTax Business Edition can only be installed on a Windows based personal computer, not on a Mac or online.

[VolvoGirl]

Sorry NO.  Turbo Tax Business can only be installed on a Windows computer.

[wrendahl]

I had exactly the same question.  So I cannot use Turbotax for generating trust returns on my Macintosh?  Bummer.  I am not going to buy a wintel computer just for that.  Now I will have to try to do it by hand, or go to H&R Block or someone else to do that for me?

[aaronperry1]

i have already file federal and state return for 2020. now i find out  that i need to file a form 1041 on 

a estate bank account what program i need to file a 1041 form

[AkinaLO]

For form 1041, you can use TurboTax Premier or Self Employed. Please refer to the following help article for the product information.

TurboTax 2020 Online product guide