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birdlm725
New Member

Is there a way to create Schedule K-1 Forms on Turbo tax from a trust?

I recently took over a trust where the beneficiaries receive a disbursement once a year. I don't see where to file this on Turbotax even though a quick google search says I can.
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DoninGA
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Is there a way to create Schedule K-1 Forms on Turbo tax from a trust?

To create a Form 1041 Schedule K-1 you would first have to complete the Trust tax return using the TurboTax Business Edition.  The Business Edition can only be installed on a Windows based personal computer.

The Business Edition cannot be used complete a personal tax return, Form 1040.

Go to this TurboTax website to purchase and download the Business Edition - https://turbotax.intuit.com/small-business-taxes/cd-download/

 

If you received a Schedule K-1 and are using the TurboTax online editions you will need to upgrade to the Premium online edition to enter the Schedule K-1 - https://turbotax.intuit.com/personal-taxes/online/premium/

 

Any of the TurboTax desktop editions installed on a personal computer to enter a Schedule K-1.

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1 Reply
DoninGA
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Is there a way to create Schedule K-1 Forms on Turbo tax from a trust?

To create a Form 1041 Schedule K-1 you would first have to complete the Trust tax return using the TurboTax Business Edition.  The Business Edition can only be installed on a Windows based personal computer.

The Business Edition cannot be used complete a personal tax return, Form 1040.

Go to this TurboTax website to purchase and download the Business Edition - https://turbotax.intuit.com/small-business-taxes/cd-download/

 

If you received a Schedule K-1 and are using the TurboTax online editions you will need to upgrade to the Premium online edition to enter the Schedule K-1 - https://turbotax.intuit.com/personal-taxes/online/premium/

 

Any of the TurboTax desktop editions installed on a personal computer to enter a Schedule K-1.

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