Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
3211-1
New Member

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

 
1 Best answer

Accepted Solutions
tagteam
Level 15

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

"I able to download information from brokerage firms directly as I can do with 1040"

No. TurboTax Business is only capable of importing data from QuickBooks and, even then, it is not capable of doing so in the Form 1041 (estate/trust) module of the program. 

Information from tax reporting forms, such as 1099s, needs to be entered manually.

See https://ttlc.intuit.com/questions/1901107

View solution in original post

7 Replies
tagteam
Level 15

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

"I able to download information from brokerage firms directly as I can do with 1040"

No. TurboTax Business is only capable of importing data from QuickBooks and, even then, it is not capable of doing so in the Form 1041 (estate/trust) module of the program. 

Information from tax reporting forms, such as 1099s, needs to be entered manually.

See https://ttlc.intuit.com/questions/1901107

srdaly
New Member

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

I just spoke with Turbo Tax for Business Support and they said you can import 1099 information into the software.  Who is correct?  I trust those that use the product but would like to know before I buy.
tagteam
Level 15

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

" Who is correct?"

There might have been some confusion in terms of the product involved. You will certainly note that TurboTax Business is awfully close to TurboTax Home & Business and it is only the latter that allows importing tax reporting statements, such as 1099s.

The screenshot below is from the partnership module (Form 1065) and note that next to "Import" in the dropdown only "QuickBooks" appears as an option (in the 1041 module "Import" does not appear at all).

srdaly
New Member

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

I went ahead and purchased Turbo Tax for Business to complete my 1041, and sure enough there is no import function.  Thank you tagteam, you are correct, as I suspected.  There is an ability to summarize 1099-B transactions and attach a PDF of your broker statement (according to the instructions).  I proceeded with that option, so we will see how the filing goes.
ty77
Level 3

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

Wow! So they have the ability to offer you that capability, just not in this product. 

 

ATTN: Turbotax,

1. Given that the brokerage Consolidated 1099 import is certainly capable with even the least expensive the personal return version, and that

2. You obviously have the code to so which could easily be plugged into the Business product, and that 

3. You don't offer the ability to do estate and trusts with the person versions, and that

4. We are forced to buy this Business version at the double the cost of the personal versions that we already own, and 

5. Get a a product with less capabilities,

 

I will certainly investigate whether H&R Block has this capability for next year.  If they do, I can guarantee  my future tax software purchases will be with H&R and never look back.

 

This really shows what you care about in customer experience.

dabogardus
Returning Member

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

I entered all of my tax information into Turbo Tx TY2021 before I realized I need form 1041 not 1040. When I upgrade to TT Business can I import all of the data from deluxe directly into business for the same year?

DavidD66
Expert Alumni

If I use turbotax for business to prepare Form 1041 (estate and trust) am I able to download information from brokerage firms directly as I can do with 1040

No, you cannot transfer a .tax file from the individual program (Online or Desktop) for 1040s to any of the business returns.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v