Form 1041

[joannpepper]

I was told that turbotax "Home and Business" would file both my 1040 and a 1041 - is that true, or must I purchase another version in order to complete the 1041?

[Critter-3]

H & R Block has that combination in one program but TT doesn't.

[sanchezkk]

So my parents left their property to us in a irrevocable trust.  There is no taxes to pay.  My father was a CPA and set this up decades ago.  We sold the property and split the funds.  The tax attorney said we do not owe taxes however, I have a 1041 K1 form.  I do not want to have to pay $190 which is over $100 more to file business, makes no sense if there is nothing to payout.  Is that the only option?

[VolvoGirl]

You have a 1041 K-1 form?  So someone else prepared the 1041 Estate/Trust return?  You enter the K-1 into your personal 1040 return.   If you are using the Online version you  need Premier or higher to enter a K-1.  Or any of the Desktop installed programs.  You don't need to buy the separate $190 Business program.  

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to S-Corp, Partnerships and Trusts

Schedules K-1 - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S