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heinzmolly
New Member

I have input everything into Turbo Tax premium but now need to input a 1041 and it says I need the Turbo Tax Business....Will I loose what I have already input?

 
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tagteam
Level 15

I have input everything into Turbo Tax premium but now need to input a 1041 and it says I need the Turbo Tax Business....Will I loose what I have already input?

If you need to input a K-1 (Form 1041) that you received from an estate or trust, then you simply need to enter the information from the K-1 into TurboTax Premier.

On the other hand, in order to prepare a 1041 for an estate or trust, and the associated K-1(s), 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).

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5 Replies
tagteam
Level 15

I have input everything into Turbo Tax premium but now need to input a 1041 and it says I need the Turbo Tax Business....Will I loose what I have already input?

If you need to input a K-1 (Form 1041) that you received from an estate or trust, then you simply need to enter the information from the K-1 into TurboTax Premier.

On the other hand, in order to prepare a 1041 for an estate or trust, and the associated K-1(s), 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).

lovekfs10
New Member

I have input everything into Turbo Tax premium but now need to input a 1041 and it says I need the Turbo Tax Business....Will I loose what I have already input?

Everything will transfer over what you already input
VolvoGirl
Level 15

I have input everything into Turbo Tax premium but now need to input a 1041 and it says I need the Turbo Tax Business....Will I loose what I have already input?

Not from a personal version to the Business program.
lovekfs10
New Member

I have input everything into Turbo Tax premium but now need to input a 1041 and it says I need the Turbo Tax Business....Will I loose what I have already input?

When I start in 2015 My taxes form from my W2 transfer over to my home and business program
VolvoGirl
Level 15

I have input everything into Turbo Tax premium but now need to input a 1041 and it says I need the Turbo Tax Business....Will I loose what I have already input?

Right.  Home & Business is for personal returns.  
There is also a separate program (Turbo Tax Business) for 1065 Partnership and 1120 Corp. returns.  You can't transfer from a personal return into the separate Business program.

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