I am also the manager of a small living trust. do i need to set up a separate turbo tax account for this?

[Anonymous_ · Accepted solution]

"do i need to set up a separate turbo tax account for this?"

If this is a grantor trust and you elect to use Optional Method 1 as your reporting method, you can treat the trust as a disregarded entity and report the trust's income, deductions, and credits on your personal income tax return. See https://www.irs.gov/instructions/i1041/ch01.html#d0e1593

Otherwise, in order to prepare a 1041 for an estate (or trust), you will need to purchase a copy of TurboTax Business as well as a personal income tax preparation product (see note below). https://turbotax.intuit.com/small-business-taxes/

Note: TurboTax Business must be installed and run in a Windows environment; it is not available as an online product nor will it run natively on a Mac. Further, you still need a TurboTax personal income tax preparation product since TurboTax Business is not capable of preparing individual income tax returns (it can only prepare returns for entities).