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You need TurboTax Business to prepare a Form 1041 (U.S. Income Tax Return for Estates and Trusts). If you serve as the trustee of a trust, you have a number of reporting obligations under the federal income tax laws, which includes the preparation of Schedule K-1 (Form 1041) for each beneficiary. When you prepare the Form 1041 (in TurboTax Business), TurboTax will generate K-1s for the beneficiaries of the trust. The K-1 you receive from the trust should be entered on your tax return using Home and Business.
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